Mozambique faces significant hurdles in gathering and analysing quality statistics to demonstrate effectiveness towards exiting the global money laundering watchdog FATF’s “grey list” of high-risk countries.
To tackle deficiencies, a team of specialised experts from Mauritius recently collaborated with Maputo-based law enforcement authorities for intensive training workshops.
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The skills transfer programme equipped Mozambican technicians on honing techniques and best practices to enhance data accuracy regarding the country’s Anti-Money Laundering and Combating the Financing of Terrorism framework.
Topics encompassed effectively coordinating stakeholder agencies, cataloguing suspicious transaction typologies, and undertaking deep data dives to identify suspicious flow patterns.
Authorities stated the hands-on collaboration demonstrates joint efforts to strengthen national statistical capacities and inject greater transparency into combating financial crime.
By improving data-driven understanding of domestic money laundering risks, the country aims to better target limited resources and shore up evidence on the effectiveness of its risk-based approach.
Mozambique was added to the FATF grey list in October 2021 after “strategic deficiencies” were found across legal frameworks, law enforcement operations and real estate controls. Of the initial 15 remedial actions set, only 2 remain outstanding for completion.
Authorities are aiming for the country to exit the FATF listing in mid-2023. Demonstrating sustainable systems, skills and data capacities will be essential through the ongoing evaluation processes.
Also read: Grey List: Mozambique enhances financial integrity amidst FATF concerns
The Mauritius partnership additionally spotlights the country leveraging regional expertise and cooperating internationally to achieve common goals.
As Mozambique continues strengthening integrity across banking, investments and state institutions, comprehensive data collection and analysis will serve as a strategic tool for greater transparency.
