The Portuguese Parliament recently unanimously approved the proposal to revise the Law on Preventing and Combating Money Laundering and Terrorist Financing.

According to NewsAmong the new features of the law is the obligation for natural persons, legal entities without legal personality, non-profit organizations, financial institutions and non-financial entities based in Mozambique to adopt measures to prevent and combat money laundering.

To this end, they must produce financial reports on their activities and submit them to state authorities so that the movement of capital within national territory can be monitored.

According to the newspaper, "the proposal should restrict the application of the law to insurers and intermediaries carrying out life activities," although there will be an obligation for non-life entities to report suspicious transactions.

Another of the law's objectives is to penalize legal persons and similar entities.

The measure covers non-financial entities, natural and legal persons engaged in real estate mediation and the purchase and resale of real estate, as well as construction companies that sell real estate directly.

Natural or legal persons who carry out transactions for their clients relating to the purchase and sale of real estate, real estate agents must comply with the identification, diligence and communication measures provided for in the Law.

The measure also applies to lawyers and all those who exercise legal representation and assistance, notaries, registrars, accountants and independent auditors, when involved in transactions of their users or in other circumstances.

Service providers to trusts and companies are also non-financial entities covered by the Act.