World Bank warns Mozambique of market access difficulties 

This week, the World Bank (WB) warned the Mozambican authorities of difficulties in accessing markets due to the country’s placement on the international “gray list” of risk of money laundering and terrorism financing.

“Getting off the list is necessary to promote access to international financial markets, continue to attract foreign investment, and participate in international trade,” said Julian Casal, World Bank specialist for the financial sector, during the opening of a seminar for magistrates in Maputo.

According to the expert, the situation in which Mozambique finds itself can damage the country’s reputation “as a reliable and trustworthy partner, causing long-term implications for economic growth and development.

Julian Casal called on the Mozambican authorities to promote a stable and transparent financial system and a greater commitment to international conventions combating money laundering and terrorism financing.

Addressing the magistrates present at the training session that started this Monday, February 27, the WB cadre urged judicial operators to enforce and interpret the country’s laws and regulations related to anti-money laundering and combating the financing of terrorism.

“Investigating and prosecuting financial crime cases and imposing appropriate penalties on those found guilty, as well as interpreting laws and regulations related to money laundering and countering terrorism, are also key actions,” he emphasized.

On the other hand, he continued, the country must adopt new laws and regulations for greater effectiveness in the fight against these types of crimes.

For his part, Mozambique’s Minister of Economy and Finance, Max Tonela, expressed the Executive’s determination to remove Mozambique from the grey list.

“We are committed to solving the identified deficiencies and improving our contribution to strengthening the international financial system,” Tonela said.

In this sense, he said, the authorities are working for the country to be removed from the list within 24 months, including implementing a strategy agreed upon with the Financial Action Task Force (FATF), which manages the list.

The governor also defended as “essential” the reinforcement of international cooperation to combat money laundering.

With information from Forbes

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