Mozambique loses millions of dollars through money laundering

No Comment 15 Views

The fraudulent use of the financial system to conceal or disguise illicit financial flows caused financial losses to the Mozambican state estimated at 1.887 billion meticais (US$26.4 million) in 2016, according to a report from the Attorney General’s Office (PGR).

In the report, which will be presented to the Mozambican parliament, the PGR says that suspected fraudulent uses of the financial system include situations such as the inflows of cash from criminal activity, such as misappropriation of state funds, abductions, human trafficking, trade of narcotics and psychotropic substances and parts of protected species.

The PGR also argues that loss of profit due to criminal activity has greater dissuasive power than restricting the freedom of offenders and it therefore suggests the creation of an institution for the recovery of criminal proceeds as recommended by international conventions, which has worked well in several countries.

Read the original article here: macauhub.com.mo


Get headlines, breaking news, and jobs announcements delivered to your inbox. Sign up for our daily newsletter.

Share This Page
Industry Webinars
FEATURED Solutions
Learn About RDC