Insurance Supervision Institute of Mozambique holds AML CFT and WMD proliferation financing workshop for insurers in support of grey list exit efforts

The Insurance Supervision Institute of Mozambique (ISSM), in coordination with the Executive Committee for the Removal of the Country from the Grey List, held a dissemination workshop on anti-money laundering, counter-terrorist financing and preventing the proliferation financing of weapons of mass destruction for insurers, insurance intermediaries and ISSM staff in Maputo from 30 January to 2 February 2024. The event was positioned as a practical forum to improve risk assessment in the insurance sector and to clarify the obligations that apply to market operators and ISSM staff under the AML/CFT framework. In opening remarks, ISSM Executive Administrator Isaac Chiau encouraged participants to reflect on current practices and international good practices, with a focus on accurate risk assessment in insurance. Luís Cezerilo, the Executive Coordinator for Mozambique’s removal from the Financial Action Task Force (FATF) list of jurisdictions under increased monitoring, called on insurers to collaborate with the government by reporting all suspicious transactions. Sessions covered the AML/CFT overview and its importance, findings and relevance of the National Risk Assessment for insurance, beneficial ownership, ML/TF and WMD proliferation risks in insurance activity, and applicable guidelines. Participants asked for additional training and called on the Mozambique Association of Insurers to standardise reporting templates and simplify procedures in this area.