Mozambique has just submitted its first assessment report to the Financial Action Task Force (FATF), as part of the country's efforts to get off the "gray list", according to a source at the Ministry of Economy and Finance (MEF).

The FATF is an organization that promotes international policies to combat money laundering, the financing of terrorism and the proliferation of weapons of mass destruction.

The country was placed on the FATF's Grey List on October 21, 2022 for a two-year observation period (2022 to 2024) by the International Cooperation Review Group (ICRG), an entity that brings together experts who monitor the progress of countries in matters related to money laundering and terrorist financing, and as part of this process Mozambique is obliged to render accounts within an established plan.

According to the source, the ICRG will take stock of Mozambique's performance since the country was placed under FATF surveillance in October last year.

To get off the grey list, Mozambique will have to carry out a national risk assessment for non-governmental organizations by 2024, install a beneficial ownership identification system and develop national and international cooperation actions on money laundering and anti-terrorism.

The World Bank and the European Union have been supporting Mozambique's efforts to remove its name from the list over the next two years.