Financial Crime World

Angola’s Anti-Money Laundering and Counter-Terrorist Financing Efforts Receive Thumbs Up from Global Watchdog

Angola has received a clean bill of health from the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) for its efforts to combat money laundering and terrorist financing. According to a recent mutual evaluation report, Angola was deemed compliant with 7 out of the Financial Action Task Force’s (FATF) 40 Recommendations, and largely compliant with 15 others.

Despite some technical compliance requirements remaining outstanding, the legal framework underpinning Angola’s anti-money laundering and counter-terrorist financing system was found to be generally solid. The report noted that Angola’s efforts in this regard are relatively recent, dating back to the adoption of a first comprehensive law in 2011, which was later revised in 2020.

A History of Progress

Angola’s implementation of a preventive system for money laundering and terrorist financing began in the 2000s. However, it appears that Angola’s authorities have made significant progress in strengthening their framework over the years. In fact, the ESAAMLG report praised Angola’s efforts, stating that “Angola’s legal framework underpinning its AML/CFT system is generally solid.”

Request for EU Support

In a bid to further strengthen its anti-money laundering and counter-terrorist financing regime, Angola has requested support from the EU Global Facility on AML/CFT. The country’s authorities made this request in the last quarter of 2023, with the aim of enhancing its compliance with FATF’s 40 Recommendations.

Key Takeaways

  • Angola’s anti-money laundering and counter-terrorist financing efforts have received a positive assessment from ESAAMLG.
  • The country was deemed compliant with 7 out of FATF’s 40 Recommendations, and largely compliant with 15 others.
  • Angola has requested support from the EU Global Facility on AML/CFT to further strengthen its anti-money laundering and counter-terrorist financing regime.

Overall, the ESAAMLG report provides a positive assessment of Angola’s anti-money laundering and counter-terrorist financing efforts, suggesting that the country is on the right track in terms of implementing effective measures to combat these threats.