On 15 March, the Mozambican Parliament approved a targeted revision of the law aimed at preventing and combating money laundering and the financing of terrorism. This legislative update comes with the aim of strengthening transparency, effectiveness and security in the country's financial sector, and is a significant effort by Mozambique to distance itself from the grey list of the Financial Action Task Force (FATF).
The initiative, which had the consensus of all three parliamentary groups, was presented by the Minister of Economy and Finance, Max Tonela, who stressed the importance of this step both for protecting national interests and for the integrity of the international financial system. According to Tonela, the aim of the revision is to make the legislation clearer, simpler and easy to apply, thus ensuring its effective implementation.
Members of parliament from different parts of the political spectrum agreed on the relevance of the measure. João Chacuama, representing the Mozambique Liberation Front (Frelimo), highlighted the strengthened instruments that the State will now have to combat these scourges. Arnaldo Chalaua, of the Mozambican National Resistance (Renamo), stressed the need for the law to be effectively applied, beyond its mere approval.
The legislative amendments introduced largely address formal aspects of the original law, adopted in August, and follow the FATF's recommendations. Among the new features are simplified measures for identifying and assessing risks, and the introduction of targeted financial sanctions for acts of terrorism. A particularly notable change is the requirement for companies to declare their beneficial owners, a measure essential to removing Mozambique from the money laundering grey list.
This legislative revision is seen as a crucial step in the fight against money laundering and terrorist financing, reflecting the country's commitment to aligning itself with international standards of financial transparency and security.
