Mozambique aims to leave the Financial Action Task Force’s “grey list.” This list focuses on money laundering and terrorist funding.
Officials have submitted 15 new proposals to FATF. Nine of these proposals are already finalized.
They expect quick approval of these nine items.
The update came from a meeting in Kasane, Botswana. Aurélio Matável Júnior, a top financial officer, expressed optimism.
He said the meeting is a platform for sharing success stories. This helps ESAAMLG member states to improve.
Matável Júnior noted that public, private, and civic sectors are committed to legal financial activities.
The Kasane meeting’s goal is simple. It checks if member states are following FATF’s 40 rules.
Matável Júnior feels Mozambique could exit the list by October 2024. He cited strong commitment from various groups.
Recently, the country’s parliament passed new laws. These laws target money laundering and the financing of terrorism.
Matável Júnior confirmed these laws are in line with FATF guidelines. He also said Mozambique has made progress since last year.
From April to October next year, Mozambique will show proof that it’s applying these laws.
At the same meeting, Mozambique also presented a unique study. This research looks into money laundering through illegal wildlife trade.
It explains how illegal animal trade can be used to launder money.
Justice Minister Helena Kida added her perspective. She said the new laws help avoid risks. If Mozambique stays on the list, investors might pull out.
Financial flows to and from the country could also decrease. Kida revealed these laws also have penalties for terrorism.
Background
Mozambique’s push to exit the FATF’s grey list is not new. The country has been on this list since 2019, impacting its global financial reputation.
Being on the list makes international trade and investment difficult.
The new laws and the active dialogue at international forums show Mozambique’s determined effort to clean up its financial act.
With information from LUSA