Monday, July 5, 2021

France supports fight against money laundering

The Bank of Mozambique and the French Embassy on Thursday signed a memorandum of understanding, under which France will donate 500,000 euros (about 592,000 US dollars) to support the fight against money laundering and the financing of terrorism, according to a report on the independent television station STV. At the signing ceremony, the governor of the Bank of Mozambique, Rogerio Zandamela, said he believed that, with the signing of this memorandum, the conditions had been established to identify and mitigate activities related with the illicit circulation of capital in the country.

“We are aware that our financial system is exposed to the risks of money laundering and of financing terrorism, which makes it imperative that we increasingly strengthen the mechanisms to identify and combat this evil”, he declared.

Zandamela wanted the central bank to adopt a regulatory framework in line with the current challenges, and with the strategic orientation to implement a more effective and comprehensive monitoring system.

“As the central bank, we shall continue to mobilise our cooperation partners in order to improve the necessary technological capacities, in order to respond better to the challenges imposed by money laundering and terrorism”, he added. Speaking to reporters, French ambassador David Izzo said he hopes that, with this support, the Mozambican banking system will become more robust and prepared to control illicit flows of capital intended for terrorist groups. “This cooperation with the Bank of Mozambique is at the heart of our support against terrorism”, he said. “We know that there is no terrorism without finance and that there are links between trafficking of all kinds in which transfers of money are not screened”.

“Our desire is that this collaboration should bring innovative elements, which make it possible to strengthen the surveillance systems and control resources of the Bank of Mozambique, while strengthening the development of technical skills concerning the fight against money laundering and the financing of terrorism”, said the ambassador.

 

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