The World Bank warned today that Mozambique could face difficulties in accessing markets due to its placement on the "gray list" of money laundering and terrorist financing risks.

"Getting off the list is necessary to promote access to international financial markets, continue to attract foreign investment and participate in international trade," said Julian Casal, the World Bank's financial sector specialist, quoted by Lusa.

Casal was speaking at the opening of a seminar for magistrates in Maputo.

The situation could damage the country's reputation as a reliable and trustworthy partner, with long-term implications for economic growth and development, he added.

Julian Casal called on the authorities to promote a stable and transparent financial system and a greater commitment to international conventions on combating money laundering and terrorist financing.

Addressing the magistrates present at the training session that began yesterday, the World Bank official urged judicial operators to "enforce and interpret the country's laws and regulations related to anti-money laundering and combating the financing of terrorism".

"Investigating and prosecuting cases of financial crime and imposing appropriate penalties on those found guilty and interpreting laws and regulations related to money laundering and combating terrorism" are also key actions, he emphasized.

On the other hand, he continued, the country needs to adopt new laws and regulations to make the fight against this type of crime more effective.

For his part, the Minister of Economy and Finance, Max Tonela, expressed the government's determination to take action to remove Mozambique from the gray list.

"We are committed to resolving the shortcomings identified and improving our contribution to strengthening the international financial system," said Tonela.

To this end, he continued, the authorities are working to get the country off the list within 24 months, which involves implementing a strategy agreed with the Financial Action Task Force (FATF), which manages the list.

According to the head of Economy and Finance, it is also essential to strengthen international cooperation to combat money laundering and terrorist financing.

It also put forward the imperative of creating a multisectoral executive coordination committee involving relevant state institutions.

"It is important to note that in order to be removed from this list, Mozambique must demonstrate significant progress through evidence and the judicial system plays a critical role in this framework," said Max Tonela.

Mozambique was placed on the FATF's "gray list" in October 2023, after institutional weaknesses were detected in the mechanisms for combating money laundering and terrorist financing.