In a move towards enhancing financial intelligence cooperation, Mozambique recently signed memoranda of understanding with Burundi and Kenya. These agreements aim to foster the exchange of information within their financial intelligence units, marking a crucial step in the regional fight against money laundering and terrorist financing.
Mozambique’s participation in these agreements took place during the 24th Meeting of the Council of Ministers of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) and the 7th Public-Private Sector Dialogue (PPSD) Meeting on Strengthening Anti-Money Laundering Actions.
The events were held on August 30th and 31st in Diani, Kenya, following a high-level ESAAMLG officials meeting.
Commitment to Combat Financial Crimes
Mozambique’s delegation included high-ranking officials from the Ministry of Economy and Finance, Justice, Constitutional and Religious Affairs, and other relevant institutions. Their presence underscored Mozambique’s political commitment and progress in implementing measures to prevent and combat money laundering and terrorism financing.
Mozambique’s efforts were highlighted by the country’s achievements in adhering to international anti-money laundering standards set by the Financial Action Task Force (FATF). These include implementing robust measures to ensure that non-profit organisations are not misused for terrorist financing, reflecting Mozambique’s dedication to safeguarding its financial system.
Strategic Efforts for Reclassification and Reform
During the meeting, Mozambique also sought the reclassification of 15 additional FATF recommendations. This request, made to the ESAAMLG Review Group, demonstrates Mozambique’s ongoing efforts to eliminate deficiencies in its anti-money laundering and counter-terrorism financing systems.
Since being placed on the FATF grey list in October 2022, Mozambique has made notable strides to strengthen its financial oversight mechanisms. Key actions have included establishing a High-Level Commission led by the Prime Minister and creating an Executive Coordination Committee chaired by the Minister of Economy and Finance.
These bodies aim to guide and coordinate the national response to the FATF’s recommendations, ensuring the implementation of robust financial crime prevention strategies.
The signing of these agreements with Burundi and Kenya is a testament to Mozambique’s broader regional engagement in financial intelligence sharing.
These partnerships are essential as they bolster the collective capacity to tackle financial crimes, which have far-reaching economic implications.
Mozambique’s proactive approach in joining forces with regional counterparts reflects its commitment to aligning with international best practices. By enhancing cooperation, Mozambique is not only fortifying its domestic financial systems but also contributing to the stability and security of the wider Eastern and Southern African region.
As Mozambique continues to work towards fulfilling FATF recommendations, its commitment to financial transparency and security will play a crucial role in shaping its economic future.
Further Africa
