Maputo, Oct. 8, 2026 (Lusa) - The Mozambican Banking Association said on Thursday that freezing accounts and withholding balances in cases of suspected fraud or money laundering are preventive measures, and that authorities decide on subsequent procedures.
The clarification comes after the Bank of Mozambique issued a notice on 29 September stating that credit institutions may freeze accounts and withhold balances as a precautionary measure in cases of suspected bank fraud, money laundering, terrorist financing and the proliferation of weapons of mass destruction – a stance that has prompted questions amongst the Mozambican public in recent days.
«The bank freezes are administrative and preventative,» Samir Zacarias, a representative of the Mozambican Banking Association, told journalists during a workshop in Maputo attended by regulators, commercial banks and civil society organisations.
Banks may take these measures only when they identify suspicious transactions, in accordance with the terms set out in the legislation, and must report the situation to the relevant authorities, who determine the next steps, he explained.
«Whenever a freeze is imposed, a report is subsequently made to the Financial Intelligence Unit, the Public Prosecutor's Office and the Bank of Mozambique,» he said, emphasising that financial institutions leave the decision on the duration of freezes related to suspected illegal activities to the competent authorities.
«It is they who have the prerogative to determine the duration of the freeze; it is they who have the legal timeframes to carry out the necessary investigations,» he stated, referring to the Public Prosecutor's Office and the courts.
In the notice issued on 29 September, the Bank of Mozambique stated that, in cases of suspected money laundering, terrorist financing or the proliferation of weapons of mass destruction, banks must report the situation to the Mozambican Financial Intelligence Unit (GIFiM) and the Public Prosecutor's Office, with the latter being responsible for ordering the suspension of the suspicious transaction.
The regulator also noted that the freezing of accounts or the holding of balances may also result from a court order, an order from the Public Prosecutor's Office as a precautionary criminal measure subject to judicial confirmation, a decision by the Bank of Mozambique, a request from the customer, the death of the account holder, the dissolution of a legal entity, or other situations provided for by law.
According to the central bank, these measures fall under Law No. 27/2022, which approves the Legal Framework for Bank Accounts, and Law No. 3/2024, relating to the prevention and combating of money laundering and the financing of terrorism.
The discussion took place at a meeting organised to bring together regulators, commercial banks and civil society organisations, against a backdrop in which several organisations have reported difficulties in opening accounts, receiving funds from abroad and making bank transfers.
During the debate, Domingos Manuel do Rosário, programme manager at the Centre for Civil Society Learning and Capacity Building (CESC), said that risk assessments should be tailored to individual organisations, rather than applied across the board.
«We are saying that civil society organisations should use the system responsibly (...), and that risk assessments must be carried out in such a way that each organisation is evaluated individually,» he stated.
EYMZ/ADB // ADB.
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