Browsing: non-cooperative countries and territories (NCCTs)

• Mozambique has been given two years to improve Anti-Money Laundering Framework or face bans on international financial transactions.
• Mozambique was placed on the grey list of the FATF for non-compliance with anti-money laundering and terrorist financing.
• If Mozambique fails to comply with the FATF standards, it will be backlisted under non-cooperative countries and territories (NCCTs).

The Financial Action Task Force (FATF) has given Mozambique two years to improve its framework to prevent and combat money laundering and terrorist financing. Authorities in Maputo will suffer wide sweeping bans in international financial transactions if they fail. Currently, policymakers in the country have their feet on the gas pedal, sealing leakages in Mozambique’s financial flows.

Under pressure, the government has set up an executive committee led by Luís Cezerilo to seek Mozambique’s removal from Grey List. The listing has placed the country among the most vulnerable to crimes of money laundering and terrorism …