The Mozambican government hopes that the country will be off the Financial Action Task Force's (FATF) "gray list" by the first half of 2024, pointing out that it has made "enormous progress" towards removing this negative classification.

"What we're going to do this year is demonstrate to the FATF that, both in terms of compliance and effectiveness, we've made enormous progress and at the next session in March or April 2024, the window will open," for the removal of Mozambique's name from the gray list, Luís Cezerilo, deputy director-general of Mozambique's Financial Information Office (GIFIM), told Lusa.

Cezerilo pointed to the government's approval of proposals to revise the money laundering and terrorist financing laws and the planned approval of the respective regulations as important steps forward that the country has already taken in bringing its regulatory framework into line with the recommendations made by the FATF.

On the other hand, he continued, the authorities are working to soon have a tax confiscation law and a beneficial ownership statute, as part of the roadmap to remove the country from the gray list, in which it was included in October 2022.

"Without the fulfillment of these six recommendations, what they call the 'big six', without these, there is no possible dialogue," with the FATF, he stressed.

Despite the improvements, Mozambique will not have time to be removed from the gray list this year, because it has to submit a report for evaluation to the FATF on July 28, before the extraordinary session of the Assembly of the Republic, the body that has to approve these legal instruments and which will meet in August, noted Luís Cezerilo.

These standards are part of the so-called "big six", which in FATF parlance refers to the six main rules that a country must comply with in order to get out of this unfavorable classification.

But in total, Mozambique received 40 recommendations to be removed from the list, with 21 partially complied with and 13 not complied with, excluding the "big six" recommendations, said the deputy director-general of GIFIM.

In February of this year, the World Bank alerted the Mozambican authorities to the difficulties in accessing markets due to the country's placement on the international "gray list" of money laundering and terrorist financing risks. (Lusa)