Financial Intelligence Unit Warns of Money Laundering Risks in Angola
Lisbon, Portugal - The Financial Intelligence Unit (FIU) has issued a warning to Angolan financial institutions about the risks of money laundering and terrorist financing in the country.
The FIU is urging all entities subject to the law to take immediate action to mitigate these risks, which are posed by shell banks, anonymous accounts, and inadequate risk assessments by financial institutions.
National Risk Assessment
In an effort to identify, assess, and understand the risks related to money laundering and terrorist financing, the Angolan government has conducted a national risk assessment. The Supervisory Committee is responsible for conducting this assessment, which involves the participation of all national institutions relevant to the identification and understanding of these risks.
Sectoral Assessments
In addition to the national risk assessment, supervisory authorities and other entities with responsibilities in preventing and combating money laundering and terrorist financing are required to conduct sectoral assessments. These assessments will be updated annually.
Key Measures to Mitigate Risks
- Prohibition of Shell Banks: The FIU has prohibited the setting up of shell banks in Angolan territory.
- Anonymous Accounts Forbidden: Opening or maintaining anonymous accounts or accounts under obviously fictitious names is forbidden.
- Duties of Entities Subject to the Law:
- Adopt suitable measures to identify, assess, understand, and mitigate risks of money laundering and terrorist financing.
- Consider factors such as the nature, size, and complexity of their activities, the countries or geographic areas where they operate, and the track record of their customers.
- Develop and implement tools or information systems to effectively manage these risks.
Conclusion
The FIU’s warning highlights the importance of financial institutions taking immediate action to mitigate the risks of money laundering and terrorist financing in Angola. Financial institutions must remain vigilant and take proactive steps to prevent these illegal activities from occurring. The success of this effort depends on the cooperation of all entities subject to the law, as well as the effective implementation of the measures outlined by the FIU.