Regulatory Alerts2009-03-11
Added · Updated
Exchange Law No. 11/2009 of 11 March Regulating Acts, Business, Transactions and Operations of All Kinds
The Assembly of the Republic of Mozambique enacted Law No. 11/2009 to regulate exchange operations, defining residents and non-residents and establishing that current transactions are free of authorization while capital operations require prior approval from the exchange authority. The law imposes obligations on authorized entities to verify operations and report to the Bank of Mozambique, and mandates residents to declare foreign assets and remit export revenues. It establishes fines ranging from 10,000 to 100,000 meticais for individuals and 40,000 to 400,000 meticais for legal entities for contraventions, with higher penalties for serious offenses, and grants the Bank of Mozambique competence to adjudicate processes involving supervised institutions.