Mozambique expects to be off the gray list by next October after making significant progress in the fight against money laundering, with the upward reclassification of seven Financial Action Task Force (FATF) recommendations, approved by the Council of Ministers of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMIG)..

According to a NewsHowever, favourable progress is related to the implementation of measures to prevent the financing of terrorism and the strengthening of the legal framework governing non-profit organizations, ensuring that they are not used for illicit activities.

Quoting a note from the Ministry of Economy and Finance, the publication says that the progress was recognized during the 24th meeting of the ESAAMIG Council of Ministers, held in Kenya, where Mozambique also requested the reclassification of 15 more recommendations.

"At the meeting, Mozambique was represented by the deputy ministers of Economy and Finance, Carla Laveira, and of Justice, Constitutional and Religious Affairs, Filimão Suazi, who reinforced the national commitment to improving the legal framework and confronting the threats associated with terrorism and the proliferation of weapons," reads the publication.

However, prior to this, last month Mozambique also received a positive preliminary assessment from the FATF on the fulfillment of 10 of the 26 required actions, with only eight remaining to be overcome. With the progress expected by October, the country could achieve the much-desired exit from the gray list at the next government meeting in France.

Mozambique was placed on the FATF's gray list in October 2022, with the body urging the country to work towards its removal from the list of countries with some challenges in the fight against terrorism and money laundering and proliferation of weapons of mass destruction.

(Photo DR)