Financial Crime World

Angola Fights Financial Crime, But Needs Improvement: FATF Report

Introduction

Luanda, Angola - The Financial Action Task Force (FATF) has released its latest assessment of Angola’s efforts to combat financial crime. According to the report, Angola has made progress in implementing some key recommendations, but there are still areas where improvement is needed.

FATF Assessment of Angola’s Compliance

The FATF rates countries on a scale from Compliant (C) to Non-Compliant (NC), with Large Deficiency (LD) and Partially Compliant (PC) in between. The assessment of Angola’s compliance is as follows:

  • R.1 - Assessing risk & applying risk-based approach: LC (Largely Compliant)
  • R.2 - National cooperation and coordination: LC
  • R.3 - Money laundering offence: LC
  • R.4 - Confiscation and provisional measures: PC
  • R.5 - Terrorist financing offence: PC

Areas for Improvement

Despite progress in implementing some key recommendations, there are still areas where improvement is needed:

  • Lack of transparency and beneficial ownership: Angola’s laws and regulations do not provide sufficient transparency and beneficial ownership of legal persons and arrangements, earning it an NC rating for R.24 and R.25.
  • Regulation and supervision of DNFBPs: There are issues with the regulation and supervision of designated non-financial businesses and professions (DNFBPs).
  • Lack of effective powers of supervisors: The lack of effective powers of supervisors is also a concern.

Commitment to Reform

Angola’s authorities have committed to addressing these deficiencies and implementing reforms to improve its compliance with FATF recommendations. In a statement, the Angolan government said that it “takes seriously” the FATF report and is committed to implementing the necessary reforms to strengthen its anti-money laundering and combating terrorist financing regime.

Ongoing Monitoring

The FATF will continue to monitor Angola’s progress in implementing these reforms and will conduct regular assessments to ensure compliance with global standards.