Mozambique edges closer to exiting the ‘grey list’

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Mozambique edges closer to exiting the ‘grey list’

2:33 CAT | 16 Aug 2024

FILE - For illustration purposes only. [File photo: Notícias]

The country is closer to leaving the Financial Action Task Force’s (FATF) “grey list”, on which it has been since 2022, as confirmed by the achievement, on Wednesday, of yet another positive assessment.

According to the FATF’s preliminary assessment of the fifth report on domestic developments, the country has fulfilled ten more actions, out of the 26 planned, with just eight remaining.

The remaining actions, one linked to non-financial activities and others to the functioning of institutions such as the Attorney General’s Office and the Financial Intelligence Office (GIFIM), must be completed by 2 September, when the FATF’s “face to face” meeting is held in Brussels.

Even so, that meeting is not final. The final assessment and discussion on the conditions created for leaving the “grey list” will take place in Paris on 21 October.

According to the deputy director of GIFIM, Luís Cezerilo, it is reasonable, taking into account the latest assessments, to conclude that Mozambique is on the right track, especially in light of efforts recognised in the latest assessment.

Cezerilo therefore said that, in October, Mozambique would be subject to one of three scenarios. The first is, the possibility that it complies with all the actions and recommendations, which would automatically remove it from the list. The second possibility is that Mozambique still has some measures to comply with, in which case there would be room for an extension of the deadline.

The third possibility, which is unlikely, would be that Mozambique would not receive any positive assessments at all, which would mean it remaining on the list, in addition to suffering penalties.

Source: Notícias