{"id":44744,"date":"2023-08-14T19:31:59","date_gmt":"2023-08-14T19:31:59","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/assembly-ammends-lagislation-on-money-laundering"},"modified":"2023-08-14T20:22:48","modified_gmt":"2023-08-14T20:22:48","slug":"assembly-ammends-lagislation-on-money-laundering","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/assembly-ammends-lagislation-on-money-laundering","title":{"rendered":"Assembly ammends lagislation on money laundering"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>Financial bodies found to be involved in money laundering will be fined between two and ten million meticais (from 31,000 to over 156,000 dollars) under the revised Law on Preventing and Combating Money Laundering and Terrorism Financing, approved on Thursday unanimously by the Assembly of the Republic (AR), the Mozambican parliament.<\/p>\n

The law, proposed by the government, also establishes penalties and sanctions for terrorist acts and proliferation of weapons of mass destruction.<\/p>\n

\u201cThe sanctions will be between one to five million meticais when the crime is committed by a non-financial body\u201d, said Justice Minister Helena Kida, as she introduced the bill. \u201cDonations and other financial contributions destined to non-government organizations must be through bank transfer in the name of the organization or through a cheque\u201d.<\/p>\n

She added that it is essential to ensure that the legislation preserves individual rights, and ensures due process of law and the opportunity for defence and appeal for those accused of such crimes.<\/p>\n

\u201cAfter learning about the terrorist or terrorist organisation, it is up to the Attorney General\u2019s Office (PGR), in coordination with the Foreign Ministry, after notifying Mozambique\u2019s Financial Intelligence Office (GIFIM) to designate the terrorists, with all the necessary identification information to be published within 24 hours in the Official Gazette\u201d, Kida said.<\/p>\n

\u201cThe information on terrorists must contain the full name, other names by which the terrorist is known, such as a nom de guerre or nickname, gender, date and place of birth, nationality, and country of permanent residence, tax identification number, areas or countries of activity\u201d, the minister added.<\/p>\n

The information should also include the full name of any organisations involved, including any acronyms or other current or previously used names, the logo, the address where the head office is registered, the nature of the business, the main sources of funding and known assets.<\/p>\n

\u201cIn cases of requests for removal from the list, the PGR must decide within ten working days on the action to be taken\u201d, she said.<\/p>\n

The need to amend the law arises in response to the dynamics of organised crime that has been of great concern in recent years, taking into account the Islamist terrorism that has been plaguing the northern province of Cabo Delgado.<\/p>\n

Amending the law is part of the government\u2019s drive to have Mozambique\u2019s name removed from the \u201cgrey list\u201d of countries drawn up the international Financial Action Task Force (FATF).<\/p>\n

The amendments are in line with the recommendations made by an FATF committee, which is expected to analyse the Mozambican legislation in the first half of next year.<\/p>\n

The FATF website explains that the grey list \u201cidentifies countries that are actively working with the FATF to address strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing. When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring\u201d.<\/p>\n

As of June 2023, there were 26 countries on the grey list, including Mozambique<\/p>\n

Much more serious is the \u201cblack list\u201d. This names countries \u201cwith serious strategic deficiencies\u201d in countering money laundering and terrorist financing. For countries identified as high-risk, \u201cthe FATF calls on all members and urges all jurisdictions to apply enhanced due diligence, and in the most serious cases, countries are called upon to apply counter-measures to protect the international financial system from the ongoing money laundering, terrorist financing, and proliferation financing risks emanating from the country\u201d.<\/p>\n

As of June, there were only three countries on the black list \u2013 Iran, Myanmar and North Korea.<\/p>\n

For More News And Analysis About Mozambique<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. Financial bodies found to be involved in money laundering will be fined between two and ten million meticais (from 31,000 to over 156,000 dollars) under the revised Law on Preventing and Combating Money Laundering and Terrorism Financing, approved on Thursday unanimously by the Assembly of the Republic (AR), the Mozambican parliament. The […]<\/p>\n","protected":false},"author":84,"featured_media":44743,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,12],"tags":[233,281,283],"class_list":["post-44744","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nAssembly ammends lagislation on money laundering - Mozambique<\/title>\n<meta name=\"description\" content=\"Financial bodies found to be involved in money laundering will be fined between two and ten million meticais (from 31,00 ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/assembly-ammends-lagislation-on-money-laundering\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Assembly ammends lagislation on money laundering\" \/>\n<meta property=\"og:description\" content=\"Financial bodies found to be involved in money laundering will be fined between two and ten million meticais (from 31,00 ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/assembly-ammends-lagislation-on-money-laundering\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-14T19:31:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-14T20:22:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/08\/sm_1692027925.847472.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"428\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/assembly-ammends-lagislation-on-money-laundering#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/assembly-ammends-lagislation-on-money-laundering\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Assembly ammends lagislation on money laundering\",\"datePublished\":\"2023-08-14T19:31:59+00:00\",\"dateModified\":\"2023-08-14T20:22:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/assembly-ammends-lagislation-on-money-laundering\"},\"wordCount\":612,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/assembly-ammends-lagislation-on-money-laundering#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/08\/sm_1692027925.847472.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/assembly-ammends-lagislation-on-money-laundering#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/assembly-ammends-lagislation-on-money-laundering\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/assembly-ammends-lagislation-on-money-laundering\",\"name\":\"Assembly ammends lagislation on money laundering - 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