BANCO DE MOÇAMBIQUE AND MOZAMBIQUE INSURANCE SUPERVISION INSTITUTE SIGN MEMORANDUM OF UNDERSTANDING
Friday, 28 April 2023
Today (28), the Banco de Moçambique (BM) and the Mozambique Insurance Supervision Institute (ISSM) took to the BM headquarters to sign a Memorandum of Understanding that lays down the institutional coordination mechanisms on anti-money laundering, counter-terrorist financing, and financing of the proliferation of weapons of mass destruction and related crimes.
BM Board Member, Benedita Guimino and the Chair of the ISSM Board of Directors, Ester José signed the Memorandum.
During her speech, Ms. Guimino underlined that the signing is line with the process of implementing the National Strategy for Anti-Money Laundering, Counter-Terrorist Financing, and Financing of Weapons of Mass Destruction 2023-2027, and shall strengthen the BM and ISSM's operations in suspicious transaction detection and monitoring, as financial system regulators and supervisors. The Board Member added that it would provide for improving the quelling of current challenges concerned, as well as the process of implementing the action plan for taking off Mozambique from the “grey list” of the Financial Action Task Force.
For her part, Ester José said that, by signing the Memorandum of Understanding, both parties have enhanced cooperation in supervising financial institutions, with a view to improving operations amid threats of anti-money laundering and counter-terrorist financing, so as to promote national financial system stability and integrity.
Ms. Ester José also noted that the Memorandum addresses matters relating to the training of staffers and coordination of policies on anti-money laundering, counter-terrorist financing and financing of weapons of mass destruction, which the ISSM has made one of its top priority for the near and medium term.
It is worth mentioning that, in line with this Memorandum of Understanding, the ISSM has taken up the Bank Supervision Application (BSA), an IT banking supervision solution managed by the BM, she added.
The Notary of the Banco de Moçambique witnessed the signing, along with managers from the central bank and the ISSM.