Mozambique bolsters its anti-money laundering capacity

5 March 2018

Mozambique has improved its ability to supervise, prevent and combat money laundering following the approval by the country’s parliament of an update to the law creating the Mozambican Financial Information Office (GIFiM), according to Mozambican daily newspaper Notícias.

Among other measures, the Government’s proposed update seeks to improve GIFiM’s ability to receive financial transactions that are suspected of being associated with illicit activities such as terrorist financing.

Economy and Finance Minister Adriano Maleiane, who presented the proposal to parliament, said that the review of the law also aims to give GIFiM powers to inspect and sanction entities subject to its supervision.

Maleiane, who based the proposal on the need to adapt it to United Nations (UN) conventions, as well as the 40 recommendations of the Financial Action Task Force (FATF), said that this supervision “will be conducted in matters of prevention and combat of money laundering and terrorist financing.” (macauhub)