ANGOLA TAKES BOLD STEPS TO FIGHT FINANCIAL CRIME
Angola has taken significant steps to combat money laundering and terrorism financing by introducing new regulations on wire transfers. This move is a major step forward in the country’s efforts to protect its financial system from illicit activities.
FINANCIAL INTELLIGENCE UNIT (FIU) AT THE HEART OF REGULATIONS
The Financial Intelligence Unit (FIU) is an independent and autonomous central national unit responsible for receiving, analyzing, and disseminating information suspected of pertaining to money laundering, terrorism financing, and proliferation of weapons of mass destruction. The FIU will operate according to its own regulations and cooperate with international counterparts to prevent and combat these crimes.
NATIONAL RISK ASSESSMENT (NRA) TO IDENTIFY AND MITIGATE RISKS
Angola has introduced a National Risk Assessment (NRA) to identify, assess, and understand the risks related to money laundering and terrorist financing at the national level. The NRA will be conducted every three years, with relevant findings made available to all competent authorities, entities subject to this law, and other entities that may benefit from knowing the outcome of the assessment.
SECTORAL ASSESSMENTS TO PREVENT MONEY LAUNDERING AND TERRORIST FINANCING
Sectoral assessments will be conducted by supervisory authorities and other entities responsible for preventing and combating money laundering and terrorist financing. These assessments will be updated annually to ensure that all relevant risks are identified and addressed.
REGULATIONS PROHIBIT SHELL BANKS, ANONYMOUS ACCOUNTS, AND OTHER ILLEGAL ACTIVITIES
The regulations prohibit the establishment of shell banks in Angolan territory and the opening or maintenance of anonymous accounts or accounts under obviously fictitious names. Entities subject to this law are required to:
- Assess risks
- Identify and diligence
- Refuse suspicious transactions
- Keep records
- Report suspicious activities
- Abstain from engaging in illegal activities
- Cooperate with authorities
- Maintain secrecy
- Conduct oversight
- Provide training
ENTITIES MUST ADOPT SUITABLE MEASURES TO IDENTIFY, ASSESS, AND MITIGATE RISKS
Entities subject to this law must adopt suitable measures to identify, assess, understand, and mitigate risks of money laundering and terrorist financing. They must also develop tools or information systems to effectively manage these risks and continuously reassess risk in the institution under review.
ANGOLA’S EFFORTS TO COMBAT FINANCIAL CRIME
The Angolan government’s efforts to combat money laundering and terrorist financing are aimed at protecting the country’s financial system and preventing the misuse of its financial institutions for illegal activities. The new regulations are a significant step forward in this effort, and it remains to be seen how effective they will be in reducing financial crime in Angola.