Financial Crime World

Angola Boosts Financial Crime Prevention Measures to Meet International Standards

The Government of Angola has taken significant steps to strengthen its financial crime prevention measures, as revealed in a recent Mutual Evaluation Report by the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG).

Overview of the Report

The report assesses the implementation of anti-money laundering and counter-terrorist financing (AML/CFT) measures in Angola. It highlights the country’s commitment to establishing a well-developed AML/CFT regime that complies with the Financial Action Task Force (FATF) standards.

Key Findings

  • The Republic of Angola has enacted Law 34/11, which criminalizes money laundering and terrorist financing, provides for the confiscation of proceeds of crime, and sets out preventative measures for accountable institutions.
  • However, the report identifies areas of deficiency in Angola’s AML/CFT framework, including the lack of regulations and guidelines to assist accountable institutions with implementation.

Recommendations

The report makes detailed recommendations for short- and medium-term measures that Angola should take to strengthen its AML/CFT regime. These include:

  • Improving regulatory oversight and supervision
  • Enhancing customer due diligence and risk assessment procedures
  • Increasing transparency and public awareness of financial crime prevention measures
  • Strengthening international cooperation and information exchange

Response to the Report’s Findings

In response to the report’s findings, Angolan authorities have been working to improve their financial crime prevention mechanisms. The Financial Intelligence Unit was established in 2011 under Decree 54/2011 issued by the central bank (BNA), and its powers and functions are contained in Presidential Decree 35/11.

Availability of the Report

The ESAAMLG report is available for download on the ESAAMLG website, along with an executive summary of the findings. The report is expected to serve as a valuable resource for financial institutions, regulators, and law enforcement agencies in Angola and beyond.

Future Directions

Experts are calling for increased cooperation between Angolan authorities and international partners to combat financial crime and promote transparency in the financial sector. By implementing the recommendations outlined in the ESAAMLG report, Angola can further strengthen its AML/CFT regime and reduce the risk of financial crime, ultimately benefiting the country’s economic stability and development.

Conclusion

Angola’s commitment to strengthening its financial crime prevention measures is a positive step towards meeting international standards. With continued cooperation and implementation of the report’s recommendations, the country can reduce the risk of financial crime and promote transparency in the financial sector.