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Grey List: Mozambique Makes Progress on FATF Recommendations

Grey List: Mozambique Makes Progress on FATF Recommendations

At the sixth session of the high-level committee, held at the Prime Minister’s office, the national coordinator for the removal of Mozambique from the Financial Action Task Force (FATF) grey list, Luís Cezerilo, presented a progress report and follow-up actions on the FATF processes, the news portal Further Africa reported this Friday, 14 June.

According to the organisation’s explanation, one of the main highlights of the presentation was the progress made in complying with the FATF’s 40 recommendations. The website explains that in 2021 Mozambique was in a precarious position, with only ten actions considered compliant, 20 partially compliant and ten non-compliant. However, the latest report reveals significant progress: 25 actions are now compliant, 13 partially compliant and only two remain non-compliant.

“This progress is particularly relevant for the economic community, as it demonstrates Mozambique’s commitment to financial transparency and the fight against money laundering and terrorist financing. Compliance with these recommendations is crucial to improving the country’s reputation index and risk perception on the international stage, thus attracting investment,” writes the portal.

Despite the progress made, the report emphasises that the country still faces shortcomings in areas such as staff training, resources for investigation and the application of specific sanctions, among others. These areas are fundamental to ensuring the robustness of the national financial system and guaranteeing full compliance with international standards.

Luís Cezerilo

Further Africa points out that Mozambique now faces the challenge of resolving the 15 actions that remain partially compliant or non-compliant by 19 July, the deadline set by the FATF for the presentation of the new report. Within this timeframe, the government and its institutions must step up their efforts and consolidate the necessary reforms.

“The progress presented is a significant milestone for Mozambique, but the road ahead requires continued commitment and a strategic approach to overcome the remaining challenges” – reads the article on the website.


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