Maputo, 8 Oct (AIM) – The Financial Action Task Force (FATF), a global money laundering and terrorist financing watchdog organization, has appreciated the effort that Mozambique has been making in order to improve its financial system.
In 2022, Mozambique was placed on the “Grey List” of the FATF for an observation period of two years (2022-2024) for being vulnerable and presenting risks for money laundering and terrorist financing. Within this process, Mozambique is required to report within an established plan.
According to the latest report, Mozambique has improved the way it conducts risk-based supervision, making significant progress in resourcing its Financial Intelligence Unit (FIU) and it has strengthened its system of comprehensive statistics on the number and nature of money laundering investigations.
“This is the fifth progress report for Mozambique. The country continues to show a strong commitment to dedicating resources and prioritizing the actions needed to complete its Action Plan. The country has made important progress”, reads the report.
According to the document, the country must present its next report on 24 November, in which it has to fulfill six remaining activities, which have to do with supervisory bodies.
As of February 2024, there were 21 countries on the grey list. In addition to Mozambique, they included four other southern African countries (South Africa, Namibia, Tanzania and the Democratic Republic of Congo).
Countries on the grey list have agreed to increased monitoring, and to solving any strategic deficiencies in their regimes to counter money-laundering and financing of terrorism.
Countries that fail to address these problems might be transferred to the black list. Countries on the black list will be subject to enhanced due diligence, and other countries could be called upon to take measures against them to protect the international financial system. Currently the only countries on the black list are North Korea, Iran and Myanmar.
(AIM)
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