Financial Crime World

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AML Compliance Procedures in Cape Verde: A Country’s Efforts to Combat Financial Crimes

Cape Verde has made significant strides in implementing anti-money laundering (AML) and combating the financing of terrorism (CFT) measures, as reflected in its latest report on Benin Follow-Up Report 2023. According to the report, the country achieved a “largely compliant” rating for several key aspects of AML/CFT compliance.

Strengths

  • Risk Assessment and Risk-Based Approach: Cape Verde has demonstrated significant progress in assessing risk and applying a risk-based approach, earning an LC (largely compliant) rating.
  • National Cooperation and Coordination: The country has shown improvements in national cooperation and coordination, as well as the establishment of a money laundering offence.
  • Financial Institution Secrecy Laws: Cape Verde’s financial institution secrecy laws earned a C (compliant) rating.

Areas for Improvement

  • Confiscation and Provisional Measures: Received a PC (partially compliant) rating
  • Terrorist Financing Offence: Rated similarly to confiscation and provisional measures
  • Non-Profit Organisations and Transparency: Deemed non-compliant, earning an NC rating
  • Beneficial Ownership of Legal Persons: Deemed non-compliant, earning an NC rating

Key Findings

  • The report highlighted areas where Cape Verde is relying on third parties, such as:
    • Correspondent banking: Earned an LC rating
    • Money or value transfer services: Earned an LC rating
  • Internal controls and foreign branches and subsidiaries received an LC rating.
  • Several aspects of Cape Verde’s AML/CFT efforts have been recognized by international bodies, with C (compliant) ratings for:
    • Financial intelligence units
    • Powers of supervisors
    • Responsibilities of law enforcement and investigative authorities

Conclusion

The Benin Follow-Up Report 2023 provides a comprehensive overview of Cape Verde’s progress in implementing AML/CFT measures and serves as a valuable tool for the country to continue improving its compliance procedures.