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Mozambique Approves Stricter Money Laundering and Financing Terrorism Laws

CC BY 2.0 / Rick McCharles / Maputo, Mozambique
Maputo, Mozambique - Sputnik Africa, 1920, 12.08.2023
Combating money laundering and cutting off terrorist financing remains a pressing issue for the East African nation, where Islamist attacks have plagued the northern province of Cabo Delgado.
The Assembly of the Republic of Mozambique voted in favor of the legal amendments that strengthen the prevention and fight against money laundering and terrorism financing.
Under the revised Law on Prevention and Combating Money Laundering and Financing of Terrorism, the authorities obtain stronger control over the activities and financing of non-governmental organizations and churches, financial structures, non-life insurance companies, the sectors of real estate, the sale of cars and precious stones.
Non-profit organizations must keep records of transactions related to donations and other contributions from national and international organizations for at least five years.

In case of failure to comply, non-financial institutions face a fine of one to five million meticais ($16,000-78,000)

Under the amendments, the financial institutions caught laundering money will be fined between two and ten million meticais ($31,000 to more than $156,000).
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Mozambique's Justice Minister Helena Kida, as she introduced the bill, explained that the purpose of the amendments is to exclude Mozambique from the Financial Action Task Force (FATF) gray list.
According to the FATF, the gray list, or, countries under increased monitoring, includes states that cooperate with the body to address government shortcomings in combating money laundering and terrorist financing.
"When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring," the FATF website said.
Mozambique has been on the gray list since 2022. In addition to the East African nation, there are 25 other countries on the list, 10 of which are African.