The International Financial Action Task Force (FATF) praised Mozambique’s “strong commitment” to working to get off the so-called “Grey List”, which includes countries with deficiencies in the fight against money laundering and terrorist financing.
According to the fifth progress report for Mozambique, consulted this Monday, October 7, by Lusa, the country has shown a strong commitment to dedicating resources and prioritizing actions needed to comply with its Action Plan. “The country has made some important progress, with six action items partially updated for broad participation,” the report highlights.
The document indicates that Mozambique’s efforts have resulted in improvements in risk-based supervision. In addition, the country has made significant progress in strengthening its Financial Intelligence Unit (FIU) and in generating comprehensive statistics on the number and nature of money laundering investigations.
Despite the progress, the FATF points out that Mozambique still needs to fulfill six remaining activities related to supervisory entities. The next report is due to be presented on November 24.
Mozambique entered the FATF’s “Grey List” on October 22, 2022, due to its inability to eliminate deficiencies in the fight against money laundering and terrorist financing.
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