Financial Crime World

Angola Strives to Enhance Anti-Money Laundering Regulations, Meets FATF Standards

In a significant move to strengthen its anti-money laundering (AML) and counter-terrorist financing (CFT) regime, Angola has made substantial progress in implementing international standards. As a member of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), Angola underwent a comprehensive assessment by the World Bank as part of the Financial Sector Assessment Program (FSAP).

Comprehensive Assessment

The ESAAMLG Council of Ministers adopted the Mutual Evaluation Report of the Republic of Angola in August 2012, following a thorough examination of the country’s AML/CFT framework. The report highlights Angola’s commitment to establishing a robust AML/CFT regime that meets the standards set by the Financial Action Task Force (FATF).

Key Findings

  • Under Angolan law, criminal offenses related to money laundering and terrorist financing are punishable.
  • Confiscation of proceeds from crime is also prescribed.
  • Preventative measures have been implemented for accountable institutions, including banks, insurance companies, and other financial institutions.

Areas for Improvement

However, despite this progress, the report identifies areas that require improvement, including:

Shortcomings

  • Lack of regulations or guidelines to assist accountable institutions in implementing the AML/CFT legal framework.
  • The Financial Intelligence Unit (FIU), established in 2011, is still developing its powers and functions.

Recommendations

The ESAAMLG has made detailed recommendations for Angola to address these deficiencies, outlining both short-term and medium-term measures that the country should take to strengthen its AML/CFT regime. The full report and executive summary are available on the ESAAMLG website.

Next Steps

  • Implement regulations or guidelines to assist accountable institutions in implementing the AML/CFT legal framework.
  • Develop and enhance the powers and functions of the Financial Intelligence Unit (FIU).
  • Continue to strengthen the AML/CFT regime to meet FATF standards.