During the opening of the second insurance sector conference in Mozambique, the Deputy Minister of Economy and Finance, Amílcar Tivane, highlighted the ongoing challenges faced by the country in controlling money laundering and terrorist financing in insurance companies, as reported by Carta de Moçambique.
He noted that despite the significant growth of the sector in recent years, with an increase in both the number and quality of operators, such as insurers, microinsurers, reinsurers, insurance intermediaries and pension fund management entities, “difficulties persist in the effective supervision of these illicit practices”.
The deputy minister emphasised the urgent need to modernise supervisory tools to meet the current challenges. He emphasised the crucial importance of updating information and communication systems to improve process management and customer service. In addition, Amílcar Tivane mentioned the pressing need to adapt insurance sector legislation to the current reality, covering the emerging risks associated with climate change.
Recently, Mozambican President Filipe Nyusi stated that the country is working “hard” to eradicate money laundering, and thus follow the standards recommended by the Financial Action Task Force (FATF) so that it comes off the grey list as soon as possible.
According to the head of state, the government is promoting cooperation with nations and specialised international organisations to better deal with transnational organised crime networks, warning that the money laundering scheme has various ramifications that damage the economy.
“Among the main actions implemented are the drafting and application of specific laws against money laundering, terrorist financing, the creation of the Executive Committee for the Coordination of Regulatory and Supervisory Bodies, the Financial Intelligence Unit and ongoing training to identify and combat these illicit activities,” he described.
