Maputo, 11 Jun (AIM) – Mozambique has complied with almost all the recommendations from the international Financial Action Task Force (FATF) and it may soon be removed from the Grey List, during the FATF Council of Ministers which is taking place in the French city of Strasbourg, according to government spokesperson, the Minister for State Administration, Inocencio impissa.
The FATF, a global money laundering and terrorist financing watchdog organization, placed Mozambique on its “Grey List” for an observation period of two years (2022-2025) for being vulnerable and presenting risks for money laundering and terrorist financing. Those countries which refuse to make reforms could be transferred to the FATF “black list”. Currently, there are only three countries on the black list – North Korea, Myanmar and Iran.
Speaking in Maputo to reporters on Tuesday, after a meeting of the Council of Ministers (cabinet), Impissa said there has been significant progress, and only one indicator was missing, out of the 40 recommended by FATF so that the county may be removed from the Grey List.
“Over the last month, the country received the results of the FATF’s 7th progress report. These results will be validated at the plenary session of the Council of Ministers of the International Financial Action Office. We think that, with the efforts made, including this bill that is now being submitted to the national parliament, we have almost exhausted the range of recommendations we should make”, he said.
According to Impissa, the Council of Ministers also discussed a bill which will set up Mozambique’s Insurance and Pension Funds Supervisory Authority (ASFPM).
This body, he said, will align the regulatory framework in insurance and pension fund matters with the principles issued by the International Association of Insurance Supervisors (IAIS) and the International Organization of Pension Supervisors (IOPS).
The bill automatically abolishes the Mozambican Insurance Supervision Institute (ISSM), which was created in December 2010.
“The bill also aims to adopt measures to Prevent and Combat Money Laundering, Terrorist Financing and the Proliferation of Weapons of Mass Destruction in insurance operators and pension fund management entities”, Impissa explained.
(AIM)
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