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“Mozambique Has 30 Days to Comply With All Recommendations and Leave the FATF Grey List” – Government

“Mozambique Has 30 Days to Comply With All Recommendations and Leave the FATF Grey List” – Government

The government, through the Executive Committee for the Coordination of Policies to Prevent and Combat Money Laundering and Terrorism, has just over 30 days to get the country off the FATF (Financial Action Task Force) grey list, which it has been on since December 2022, due to “strategic deficiencies in its national frameworks for combating money laundering and terrorist financing”, the Carta de Moçambique news portal reported on Wednesday, June 12.

According to the national coordinator of the Executive Committee for the Coordination of Policies to Prevent and Combat Money Laundering and Terrorism, Luís Cezerilo, Mozambique has until 19 July to achieve three immediate results that are crucial to removing the country from the list.

“It has to do with non-financial institutions with GIFiM (Mozambique’s Financial Information Office, under the Ministry of Economy and Finance), SERNIC (National Criminal Investigation Service), the PGR (Attorney General’s Office) and the Supreme Court,” he said, revealing that the government has already achieved six of the 11 immediate results needed.

Speaking during the presentation of the Report Assessing the Risk of Terrorist Financing in Non-Profit Organisations, Luís Cezerilo argued that failure to comply with this set of activities could put the country in delicate situations.

“There are three scenarios if we don’t achieve the other immediate results by 19 July: one, [the delicate situations] have been resolved and Mozambique comes off the grey list; two, if they haven’t been resolved, the FATF will assess the government’s level of commitment to implementing the process. If it comes to the conclusion that it’s positive, it will say it’s fine and take the country off the list, but it will give it a certain period to resolve the problems; and three, which is an unlikely scenario, is the application of counter-measures, such as blocking credit cards and checking the compliance of all commercial transactions with our state,” explained the source.

Cezerilo pointed out that on 6 June, the government carried out a pre-assessment of the fourth report for the removal of Mozambique from the grey list, giving it a positive grade. The document will be ratified between the 23rd and 24th of this month in Singapore.

It should be noted that the FATF has given Mozambique two years to get off the grey list by complying with 11 recommendations aimed at preventing money laundering, money laundering and terrorist financing.

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