Regulatory Alerts2023-10-30
Law No. 14/2023 of 28 August - Establishes the Legal Regime and Measures for the Prevention and Combating of Money Laundering, Terrorist Financing and Proliferation Financing
The Assembly of the Republic of Mozambique enacted Law No. 14/2023 to establish the comprehensive legal regime and preventive measures against money laundering, terrorist financing, and proliferation financing, thereby repealing the previous 2022 legislation. The law mandates financial institutions and designated non-financial entities to implement robust risk assessment frameworks, conduct enhanced customer due diligence, and maintain strict record-keeping and reporting obligations to the Financial Information Office of Mozambique (GIFiM). It further defines criminal offenses and corresponding penalties for predicate crimes, terrorist financing, and proliferation financing, while imposing direct financial sanctions aligned with United Nations Security Council resolutions.