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The Bank of Mozambique and the General Gaming Inspectorate last week signed an agreement to join forces against money laundering and terrorist financing.
The Bank of Mozambique and the General Gaming Inspectorate signed a Memorandum of Understanding in Maputo last Friday covering the sharing of information in the context of combatting money laundering and terrorist financing.
The Director of the Bank of Mozambique, Jamal Omar, said on the occasion that, in addition to the exchange of information and mutual consultation, the agreement would also allow for the exchange of experiences and joint actions, as well as technical assistance and support, between the two institutions.
“We are confident that the act we are witnessing today will help to strengthen our system of detecting and monitoring suspicious operations and respond to the current challenges on the matter,” Omar said.
The General Inspector of Gaming, António de Almeida, said the signing of the memorandum would strengthen cooperation with the Bank of Mozambique in the supervision of entities in line with efforts aimed at improving compliance with standards for combating money laundering and terrorist financing established by international organizations to which Mozambique is a signatory.
The memorandum was signed just days after the Bank of Mozambique fined seven banking institutions just over 145 million meticais for violating the Law on Prevention and Fight against Money Laundering and Terrorism Financing, as well as the Law on Credit Institutions and Financial Companies.
The agreement between the General Gaming Inspectorate and the central bank comes as the trial of the case of Mozambique’s ‘hidden debts’, valued at more than US$2.2 billion, is ongoing. Some of the trial’s 19 defendants are accused of money laundering.
By Evaristo Chilingue
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