The Insurance Supervision Institute of Mozambique and the Bank of Mozambique signed a memorandum of understanding on preventing and combating money laundering, terrorist financing and the financing of the proliferation of weapons of mass destruction, creating a formal framework for supervisory cooperation and information sharing. The arrangement is positioned as implementing the cooperation duty between supervisory authorities under Mozambique’s Law No. 11/2022. The memorandum covers information sharing and mutual consultation, exchange of experience, joint actions, and technical assistance between the two authorities, with the stated aim of strengthening oversight of banking and insurance institutions and improving the detection and monitoring of suspicious operations. The Bank of Mozambique linked the cooperation to the National Strategy for Preventing and Combating Money Laundering, Terrorist Financing and Proliferation Financing 2023–2027 and the action plan to remove Mozambique from the Financial Action Task Force grey list. Separately, the Insurance Supervision Institute of Mozambique reported joining the Bank Supervision Application supervisory software platform managed by the Bank of Mozambique and customised for the insurance sector.
Insurance Supervision Institute of Mozambique 2025-05-06
Insurance Supervision Institute of Mozambique and Bank of Mozambique sign memorandum to coordinate AML CFT and proliferation financing supervision
The Insurance Supervision Institute of Mozambique and the Bank of Mozambique signed a memorandum to enhance cooperation against money laundering, terrorist financing, and weapons proliferation. This agreement establishes a framework for information sharing and joint actions, aligning with Mozambique's National Strategy for 2023–2027 and efforts to exit the Financial Action Task Force grey list. Additionally, the Insurance Supervision Institute joined the Bank Supervision Application platform for improved oversight.