Sales of cars and property worth more than 250,000 meticais must be reported to Mozambique's Financial Information Office (GIFiM), according to the institution's Director of Legal Services, Studies and Cooperation, Paulo Munguambe.

The measure aims to combat money laundering and terrorist financing. The automobile and real estate sectors have been identified as high risk for money laundering and financing illegal activities.

Failure to comply with this measure could result in fines of between three million meticais and being barred from carrying on business. It is an effort by the government to remove the country from the Financial Action Task Force's Grey List.

Indeed, as the newspaper writes NewsOn Friday (15) in Maputo, the Ministry of Economy and Finance brought together representatives of car dealerships, real estate companies, casinos and others to publicize and raise awareness of the measure.

The biggest targets are being asked to register with GIFiM in order to comply with the measure via a platform created for the purpose. GIFiM has already registered 21 new car dealerships, 263 used car dealerships and 606 real estate operators.

On the other hand, Munguambe urges the public to prefer to make payments using bank cards at the P.O.S, transfers or checks, avoiding cash. Customers may be being used to launder money.