Mozambican government approves proposal to revise money laundering law

22 March 2012

The Mozambican government has approved the proposal to revise Law 7/2002, of 5 February, on preventing and combating money laundering, which will now be submitted to the country’s parliament, government spokesman Alberto Nkutumula said Tuesday.

The spokesman said that the proposal to revise the law intended to introduce into Mozambican law the fact that financing terrorism is criminal conduct and to make the content of the law more appropriate for new standards.

The proposal outlines sentences of two to 24 years and the State is required, on approval of this law, to expand its range of criminal sanctions on money laundering.

“The rights or goods that result from money laundering are considered to be dirty money and that money cannot be deposited directly in a bank because the person that has it cannot explain its origin,” said Nkutumula.

In 2001, the United Nations Security Council adopted a resolution calling on all member States to prevent and combat money laundering and financing of terrorism and Mozambique, following that resolution, in 2002, approved and ratified the Law that aims to combat organised and transnational crime. (macauhub)