Financial Crime World

Angola’s Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) Measures

Risks and General Situation

  • Domestic Money Laundering Threats: Angola faces significant domestic money laundering threats from proceeds generated within the country.
  • Sophisticated Financial System with Informal Economy: The country has a sophisticated financial system, but also a significant use of cash and presence of informal economy.
  • National Coordination and Cooperation: Angolan authorities have not yet demonstrated effective national coordination and cooperation between law enforcement agencies (LEAs) to address AML/CTF risks.

Overall Level of Compliance and Effectiveness

  • Progress in Implementing AML/CFT Measures: Angola has made progress in implementing AML/CFT measures, but still needs to enhance its efforts to address high-risk scenarios identified in the risk assessment report.
  • Capacity Gaps in Competent Authorities: The country’s competent authorities lack adequate capacity to identify money laundering (ML) cases and implement relevant AML/CFT policies.

Financial Intelligence, ML Investigations, Prosecutions, and Confiscation

  • National Financial Intelligence Unit (UIF): Angola has a national financial intelligence unit with autonomy and operational independence.
  • Limited Reports from DNFBPs: However, the UIF relies heavily on transaction reports from commercial banks, and receives limited reports from designated non-financial businesses and professions (DNFBPs).
  • Limited Capacity for Parallel Financial Investigations: The country’s LEAs have limited understanding and capacity to conduct parallel financial investigations to identify ML cases effectively.

Terrorist Financing

  • Understanding of Terrorist Financing Risks: Some Angolan authorities demonstrated a good understanding of the terrorist financing risks facing the country.
  • No Measures to Disrupt or Mitigate Risks: However, no measures were taken to disrupt or mitigate these risks.

Recommendations

  • Enhance National Coordination and Cooperation: Enhance national coordination and cooperation between LEAs to address AML/CTF risks.
  • Strengthen Capacity-Building: Strengthen capacity-building for competent authorities to identify ML cases and implement relevant AML/CFT policies.
  • Improve Financial Intelligence Gathering: Improve financial intelligence gathering from DNFBPs and non-bank financial institutions.
  • Enhance Investigation, Prosecution, and Confiscation: Enhance investigation, prosecution, and confiscation of ML cases.
  • Implement Measures to Detect and Seize Non/Falsely Declared Banknotes: Implement measures to detect and seize non/falsely declared banknotes.

Overall, Angola’s efforts to combat money laundering and terrorist financing are still in the early stages, and significant progress is needed to address high-risk scenarios and enhance its AML/CFT regime.