The Assembly of the Republic of Mozambique approved this Friday by consensus and definitively legislative changes that tighten the prevention and fight against money laundering and terrorism.
These are proposals to revise the Law on Preventing and Combating Money Laundering and the Financing of Terrorism and the Law on Preventing and Combating Terrorism and the Proliferation of Weapons of Mass Destruction.
The diplomas were already approved by and large and by consensus on Thursday, the first of two days of an extraordinary session of Parliament convened only to discuss these issues and ended today.
The changes introduced and approved today in the specialty strengthen the authorities’ control over the functioning and financing of non-profit organizations, namely non-governmental organizations (NGOs) and churches, financial institutions, property insurance companies, the real estate sector, the sale of cars and precious stones and precious stones.
Monetary sanctions applied to institutions that do not comply with the rules for preventing and combating money laundering and terrorist financing have also been tightened.
The text of the amendments also advocates simplifying measures to identify and verify the risks of money laundering and terrorist financing by financial and non-financial entities.
There are also specific financial sanctions for terrorism.
The proposals are also accompanied by the need to create national mechanisms for assessing the risks of money laundering and terrorist financing.
Justifying the relevance of the two laws, Attorney General for Constitutional and Religious Affairs Helena Kida on Thursday pointed to the importance of diplomas approved for the country’s exit from the International Financial Action Task Force (FATF) gray list. a tool that measures a country’s ability to combat this type of crime.
The consequences could include banks curtailing or terminating their relationships with customers in high-risk jurisdictions, investors leaving Mozambique, reducing the flow of payments between the country and abroad, and reducing capital flows.
Helena Kida emphasized that the adoption of the laws is part of a two-year “action plan” agreed with the FATF to “de-grey list Mozambique”.
Author: Portuguese
Source: CM Jornal
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