The Bank of Mozambique (BdM) warned on Monday (5) that the opening and operation of bank accounts abroad by entities resident in the country are subject to prior authorization, as provided under current foreign exchange legislation, Lusa reports.
In a public notice issued in Maputo, the central bank clarified that requests to open bank accounts outside the country must be properly supported with credible documentation, capable of justifying the operation and demonstrating the source of the funds to be transferred.
“The request to open a bank account must be supported by credible documentation that allows for the assessment of the legitimacy and purpose of the operation, including justification for opening the account abroad and proof of the account’s funding source, showing the origin of the funds to be transferred,” the document states.
The central bank also recommends that these accounts be opened preferably with correspondent financial institutions of banks authorised to operate within Mozambique’s financial system.
In the same notice, the regulator clarifies that holders of accounts opened abroad without proper authorization must regularize them with the Bank of Mozambique, submitting the corresponding request under the required terms.
The institution states that these requirements aim to strengthen transparency in financial operations carried out outside the country and allow strict monitoring of capital movements by the foreign exchange authority.
Although the notice does not directly mention the current economic context, the measure comes at a time when the country faces difficulties accessing foreign currency, a situation frequently reported by economic operators. Among the recently imposed restrictions is the limitation on the use of credit cards abroad, also by directive of the central bank.
Meanwhile, the Government decided to restrict the importation of 16 products, justifying the decision as necessary to protect domestic production and preserve foreign exchange reserves.
