{"id":57949,"date":"2024-03-25T20:34:09","date_gmt":"2024-03-25T20:34:09","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/authorities-tighten-control-of-cash-purchase-of-cars-houses"},"modified":"2024-03-25T20:51:22","modified_gmt":"2024-03-25T20:51:22","slug":"authorities-tighten-control-of-cash-purchase-of-cars-houses","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/authorities-tighten-control-of-cash-purchase-of-cars-houses","title":{"rendered":"Authorities tighten control of cash purchase of cars, houses"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>The authorities in Mozambique are going to tighten controls on the purchase of vehicles and property in cash as part of the fight against money laundering and terrorist financing, having carried out around 20 inspections in less than a month.<\/p>\n

\u201cWe are preparing a revision to the law to include a limit on cash payments, especially when it comes to the payment of high-value property, subject to registration,\u201d Paulo Munguambe, director of Legal Services, Studies and Cooperation at the Mozambican Financial Intelligence Office (GIFiM), told Lusa on Monday.<\/p>\n

GIFiM is the supervisory body in Mozambique for fighting money laundering and terrorist financing in the property and car purchase, sale, and resale sectors.<\/p>\n

The country currently has no legislation setting limits, only a rule that stipulates that for amounts equal to or greater than 250,000 meticais (\u20ac3,590) for cash payments and equal to or greater than 750,000 meticais (\u20ac10,765) for electronic transactions and cheques, these transactions must be reported to GIFiM, under the regulation of the Law Establishing the Legal Framework and Measures to Prevent and Combat Money Laundering and Terrorist Financing.<\/p>\n

The rule, which doesn\u2019t refer to suspicious operations and only flags them to GIFiM \u2013 for possible further assessment and investigation \u2013 has been in force since 2014 and was revised in 2023, and is already applied by financial institutions, but not by the automotive and real estate sectors, namely in cash payments.<\/p>\n

\u201cWhat\u2019s missing is some awareness, especially for these non-financial sectors,\u201d explained Paulo Munguambe.<\/p>\n

GIFiM is targeting the 21 new car sales outlets, 263 used car sales outlets, and 606 real estate sales outlets operating in the country. Since the end of February, around 20 inspections have already been carried out on the ground.
\nIn recent months, Mozambique has passed legislation and regulations to tighten controls on financial movements, as part of its strategy to get off the international money laundering grey list.<\/p>\n

On 22 October 2022, Mozambique was placed on the so-called grey list of the Financial Action Task Force (FATF) for failing to eliminate deficiencies in the fight against money laundering and terrorist financing.<\/p>\n

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

Africa-Press – Mozambique. The authorities in Mozambique are going to tighten controls on the purchase of vehicles and property in cash as part of the fight against money laundering and terrorist financing, having carried out around 20 inspections in less than a month. \u201cWe are preparing a revision to the law to include a limit […]<\/p>\n","protected":false},"author":84,"featured_media":57947,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,281,283],"class_list":["post-57949","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nAuthorities tighten control of cash purchase of cars, houses - Mozambique<\/title>\n<meta name=\"description\" content=\"The authorities in Mozambique are going to tighten controls on the purchase of vehicles and property in cash as part of ...\" \/>\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\/authorities-tighten-control-of-cash-purchase-of-cars-houses\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Authorities tighten control of cash purchase of cars, houses\" \/>\n<meta property=\"og:description\" content=\"The authorities in Mozambique are going to tighten controls on the purchase of vehicles and property in cash as part of ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/authorities-tighten-control-of-cash-purchase-of-cars-houses\" \/>\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=\"2024-03-25T20:34:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-25T20:51:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2024\/03\/sm_1711383492.185564.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"775\" \/>\n\t<meta property=\"og:image:height\" content=\"517\" \/>\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=\"2 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\/authorities-tighten-control-of-cash-purchase-of-cars-houses#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/authorities-tighten-control-of-cash-purchase-of-cars-houses\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Authorities tighten control of cash purchase of cars, houses\",\"datePublished\":\"2024-03-25T20:34:09+00:00\",\"dateModified\":\"2024-03-25T20:51:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/authorities-tighten-control-of-cash-purchase-of-cars-houses\"},\"wordCount\":357,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/authorities-tighten-control-of-cash-purchase-of-cars-houses#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2024\/03\/sm_1711383492.185564.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/authorities-tighten-control-of-cash-purchase-of-cars-houses#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/authorities-tighten-control-of-cash-purchase-of-cars-houses\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/authorities-tighten-control-of-cash-purchase-of-cars-houses\",\"name\":\"Authorities tighten control of cash purchase of cars, houses - 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