With the goal of exiting the “grey list” of the Financial Action Task Force (FATF), the Government will proceed with the creation of the Mozambique Insurance and Pension Funds Supervisory Authority (ASFPM), thus fulfilling one of the recommendations to combat money laundering in the country.
The decision was made on Tuesday, June 10, during an ordinary session of the Council of Ministers, where the Executive reviewed and approved the draft law creating the ASFPM, which will be submitted to the Assembly of the Republic for debate and general approval.
According to a statement cited by Lusa, the draft law involves abolishing the Mozambique Insurance Supervisory Institute and will address one of the measures of the Economic Acceleration Package (PAE), as well as adopt prevention and combat measures against money laundering and terrorist financing among insurance operators and pension fund management entities. The decision will also allow “monitoring the indicator regarding the alignment of the regulatory framework in insurance and pension funds with the principles of the International Association of Insurance Supervisors (IAIS) and the International Organisation of Pension Supervisors (IOPS).”
In May, national authorities announced that Mozambique had met all the indicators to leave the FATF “grey list,” an entity that assesses the implementation of measures to prevent money laundering and terrorist financing, revealing that the final decision will be made in September during a meeting to be held in Maputo.
“We are waiting to receive the procedures to definitively exit the grey list and return to normality, so we are no longer known as a money laundering country. We want to restore national institutions so that investors can trust our business environment again,” said Luís Abel Cezerilo, the national coordinator for Mozambique’s removal from the grey list.
He added that the country’s image has improved recently with international financial institutions, highlighting compliance with all indicators, with only “procedural formalities” remaining before the announcement of removal from the list.
Previously, Mozambican authorities indicated that Mozambique’s exit from the “grey list” was pending the fulfillment of the last of 26 actions required by FATF, concerning the list of non-governmental organizations (NGOs) moving large sums of money, including data related to the use of funds, with special concern regarding Cabo Delgado and terrorist groups operating in that province since 2017.
Mozambique was placed on the FATF “grey list” on October 22, 2022, for failing to eliminate deficiencies in the fight against money laundering and terrorist financing.
Source: Diário Económico
