Mozambique: Cabinet approves strategy against money laundering, terror financing – Watch

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Mozambique: Cabinet approves strategy against money laundering, terror financing – Watch

1:36 CAT | 24 Aug 2022

Screen grab: TVM

Mozambique’s cabinet has approved a Strategy to Combat Money Laundering and Terrorist Financing 2023-2024 that it says is aimed at the effective prevention and repression of these types of crimes.

The cabinet spokesman, Filimão Suaze, said at a news conference that the measure now adopted by the government aims to foster a healthy environment in the operations of national and international financial and banking systems, through mechanisms to prevent money laundering and terrorist financing.

With the strategy now approved, the government has put Mozambique “in line with the standards followed in the region and the world in the fight against money laundering and financing of terrorism,” he added.

Last week, the cabinet announced that the Mozambique Financial Intelligence Office (GIFiM) had received information on more than 2,300 suspected money laundering and terrorist financing operations in 2021, down 34% from 2020.

Suaze said that suspicious operations detected by financial institutions in the country in 2021 involved amounts exceeding 35 billion meticais (€538 million) compared to 42 billion meticais in 2020.

READ: Mozambique: Nyusi accuses fuel pump owners of financing terrorism – AIM report

Mozambique: GIFIM tracks over 600 million USD of suspicious transactions – AIM

The issue of terrorist financing has gained prominence in Mozambique, with the activity of armed groups that have been blamed for violence in the northern province of Cabo Delgado. That has prompted increasingly tighter surveillance of economic sectors considered to be vulnerable to exploitation by radical groups.

Watch the TVM report.