Financial Crime World

Angola Falls Short on AML/CFT Compliance Requirements, Says FATF Report

Partial Compliance with Technical Requirements

Angola has been found to be largely compliant with the technical requirements of the Financial Action Task Force (FATF) Recommendations on Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT). However, its rating has dropped due to its failure to implement certain measures.

Areas of Concern

The country scored low marks in areas such as:

  • Confiscation and provisional measures
  • Terrorist financing offence
  • Targeted financial sanctions related to proliferation
  • New technologies

Additionally, Angola was found to be non-compliant in areas such as:

  • Transparency and beneficial ownership of legal persons and arrangements
  • Regulation and supervision of designated non-financial businesses and professions (DNFBPs)
  • Mutual legal assistance

Progress Made

While Angola has made progress in implementing some of the recommendations, including:

  • Assessing risk and applying a risk-based approach
  • National cooperation and coordination
  • Money laundering offence
  • Targeted financial sanctions related to terrorism
  • Regulation and supervision of financial institutions

The country still needs to improve its compliance with other requirements.

Recommendations from FATF

FATF has recommended that Angola take immediate action to address its deficiencies in these areas. The country’s failure to comply with AML/CFT requirements could have serious consequences for its financial system and economy.

Consequences of Non-Compliance

Angola’s compliance rating is a critical factor in the country’s efforts to attract foreign investment and maintain good relations with other countries. The government has been working to improve its AML/CFT regime, but more needs to be done to ensure that the country meets international standards.

Conclusion

In conclusion, Angola still has a long way to go in implementing the FATF recommendations on AML/CFT. The country’s compliance rating is a major concern and requires immediate attention from the government and relevant authorities.

Key Takeaways:

  • Angola is partially compliant with several AML/CFT requirements
  • The country needs to improve its compliance in areas such as confiscation, terrorist financing, targeted financial sanctions, and new technologies
  • FATF has recommended that Angola take immediate action to address its deficiencies
  • Non-compliance could have serious consequences for Angola’s financial system and economy