Mozambique: Sales of cars and properties above 250,000 meticais must be reported to GIFiM – MZNews

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Mozambique: Sales of cars and properties above 250,000 meticais must be reported to GIFiM – MZNews

9:44 CAT | 18 Mar 2024

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

Sales of cars and properties whose value exceeds 250,000 meticais [around 3911US dollars at current exchange rates] must be reported to the Financial Intelligence Office of Mozambique (GIFiM), according to the institution’s Director of Legal Services, Study and Cooperation, Paulo Munguambe.

READ: Mozambique: Authorities tighten control of cash purchase of cars, houses

The measure aims to combat money laundering and terrorist financing.

The automobile and real estate sectors are identified as being a high risk for money laundering and financing illicit activities.

The morning newspaper Noticias notes that the Ministry of Economy and Finance met representatives of vehicle stands, real estate agencies, casinos, among others, in Maputo on Friday (15-03), to raise awareness of the measure.

Those most targeted are asked to register with GIFiM to comply with the measure through a platform created for this purpose. GIFiM already has 21 new car stands registered, 263 used car stands, and 606 operators in the real estate sector.

Munguambe on the other hand urges the public to prefer making payments using bank cards at points of sale, bank transfers or checks, avoiding cash, in view of the possibility that customers may be used to launder money.

Failure to comply with the measure may result in the imposition of fines of up to three million meticais and impediments to carrying out business activity.

The measure is among the government’s efforts to remove the country from the International Financial Action Group’s Gray List.

Source: MZNews