Regulatory Alerts2023-08-31
Decrees No. 53/2023 and 54/2023, of August 31 - Regulations of the AML/CFT/CPF Law and the Counter-Terrorism Law
The Mozambican Council of Ministers issued Decrees No. 53/2023 and 54/2023 to regulate Laws No. 14/2023 and 15/2023, establishing comprehensive legal frameworks for preventing and combating money laundering, terrorist financing, proliferation financing of weapons of mass destruction, and terrorism. These decrees mandate that financial institutions and non-financial entities implement robust risk assessment models, enforce strict client identification and due diligence procedures, and maintain detailed records for ten years to mitigate exposure to illicit financial flows. Furthermore, the regulations standardize enhanced and simplified due diligence measures, require periodic risk profile updates every two years, and empower the Financial Information Office of Mozambique (GIFiM) to oversee compliance through suspicious transaction reporting and cross-border verification.