Tue. May 28th, 2024

The Bank of Mozambique (BoM) has announced that it may implement, starting this year, an integrated computer system to improve the control of foreign exchange operations, and thus prevent the country from money laundering offences, the financing of illegal activities and other prohibited actions.

Speaking on Thursday 4 April in Gaza province, during the opening of the 5th meeting of BoM branch directors, the institution’s governor, Rogério Zandamela, explained that this mechanism will monitor all market and reserve management operations, treasury, transactions with state institutions, financial institutions and the stock exchange.

“The introduction of this tool aims to make Banco de Moçambique’s technological infrastructure more modern, robust, secure and in line with good international practices,” he emphasised.

Recently, the Executive assured that it is working to remove the country from the Financial Action Task Force’s (FATF) grey list, stressing that important measures are being implemented to increase transparency and achieve the goals by June this year.

“We are taking significant steps towards removing this negative classification. We are currently awaiting the release of the latest report,” said the deputy director-general of Mozambique’s Financial Information Office (GIFiM), Luís Cizerilo.

He recalled that the FATF had given Mozambique two years to improve its structure for preventing and combating money laundering and terrorist financing, starting in October 2022.

“Various actions are being implemented in order to meet the established deadlines. Otherwise, the national territory will suffer blockages in international financial transactions,” he emphasised.

By Joy

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