The Executive recently approved a new decree to restructure and organise the workings of Mozambique’s Financial Information Office (GIFiM), thus revoking decree no. 49/2019 of 7 June.
According to a statement, this decision aims to adjust the institution to the operational instruments on combating money laundering, terrorist financing and the proliferation of weapons of mass destruction.
According to the document, GIFiM will now operate with the aim of collecting, receiving, requesting, centralising, analysing and disseminating information on economic and financial operations that could constitute money laundering, terrorist financing and the proliferation of weapons of mass destruction and related crimes.
“The information must be disseminated to the judicial, police, investigative, supervisory and inspection authorities,” it said.
A few days ago, the organisation announced that it would be monitoring the purchase of cars and property in cash, as a way of preventing cases of illicit activity in the country.
“We are preparing a revision of the law to include a limit on cash payments, especially when it comes to the payment of movable and immovable property, subject to registration, because they involve high values. The idea is to intensify the inspection process,” said Paulo Munguambe, director of Legal Services, Studies and Cooperation at the Mozambican Financial Information Office (GIFiM).
He emphasised that the country currently has no specific legislation setting limits, although there has been a rule in force since 2014, which was revised in 2023 and is already applied by financial institutions and not by the automobile and real estate sectors.
“What is missing is some sensitisation, especially for these non-financial sectors,” he argued.
In recent months, Mozambique has passed legislation and regulations to tighten controls on financial movements, as part of its strategy to get off the Financial Action Task Force (FATF) grey list, which it joined in October 2022 for failing to eliminate deficiencies in the fight against money laundering and terrorist financing.