Tuesday, October 20, 2020

Mozambique Vulnerable to Money Laundering, Terrorism Financing

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Of 125 countries assessed, Mozambique has the highest risk of money laundering and terrorist financing, according to a report issued by the Basel Institute of Governance on 19 April.

“Poor border controls and weak government institutions expose the country to cross-border crimes related to drugs and human trafficking.

Mozambique is also vulnerable to other predicate offences including corruption, car theft and smuggling, robbery, cash smuggling, illicit trade in precious metals and stones, customs fraud and goods smuggling.

Related: Mozambique: Ex-Credit Suisse Banker Pleads Guilty in Mozambique Fraud

Mozambique has high risks associated with corruption, which is a pervasive problem in the country,” the report says.

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“The country also fares poorly on Financial Transparency and Standards”.

The report also notes that Mozambique is “listed among the US INCSR list of major money laundering countries.”

The score is based on 15 indicators in five areas: Quality of Anti-money laundering Framework, Bribery and Corruption, Financial Transparency and Standards, Public Transparency and Accountability, and Legal and Political Risks. With Mozambique as number 1 (highest risk), the United States is ranked 72. This is higher risk than Brazil (76) and South Africa (84).

Low risk countries include Portugal (107) and the United Kingdom (106).

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