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Bank of Mozambique faces criticism over account freezing directive
The Bank of Mozambique is facing criticism from legal and financial analysts regarding a September 29 directive that allows commercial banks to block accounts and freeze balances. The measure is intended to combat suspected fraud, money laundering, and terrorism financing, citing Law No. 27/2022.
Critics argue the directive may violate the Constitution of the Republic by usurping judicial powers. Legal commentators suggest that the authority to freeze assets should reside exclusively with the courts and require prior judicial authorization. Additionally, experts have noted that the regulation fails to establish specific timeframes for how long these freezes can last, creating legal uncertainty for consumers.
Entities
Alberto da Cruz · Bank of Mozambique · Constitutional Council · Vicente Manjate
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] The central bank's instruction lacks defined timeframes for how long accounts can remain frozen. rn.co.mz
- [● 2 SOURCES] The bank's decision is based on Law No. 27/2022 regarding the Legal Regime of Bank Accounts. jornalmz.com · rn.co.mz
- [● 2 SOURCES] The Bank of Mozambique issued a notice on September 29 authorizing credit institutions to block accounts and freeze balances in cases of suspected fraud, money laundering, or terrorism financing. jornalmz.com · rn.co.mz
- [○ 1 SOURCE] The Bank of Mozambique's decision to allow banks to block accounts may usurp the role of the courts. jornalmz.com
- [○ 1 SOURCE] Only a judge has the authority to authorize the blocking of bank accounts. jornalmz.com