Financial Crime World

Angola’s Efforts to Combat Money Laundering and Terrorist Financing Face Challenges

Overview

A recent report by ESAAMLG has highlighted Angola’s progress in implementing anti-money laundering (AML) and combating the financing of terrorism (CFT), but also identified significant challenges hindering effective cooperation with foreign counterparts.

Angola has a good legal framework in place to combat money laundering and terrorist financing. However, its implementation is hampered by inadequate resources and capacity. The country’s financial intelligence unit (UIF) has autonomy and operational independence, but it relies heavily on transaction reports from commercial banks, which limits its effectiveness.

Challenges

The report found that Angola has only pursued a limited number of money laundering cases, mostly related to corruption, and has not investigated or prosecuted any legal persons despite their involvement in high-profile cases. The country also lacks alternative measures for situations where a conviction cannot be achieved.

Terrorist Financing

In terms of terrorist financing, the report noted that some relevant authorities have demonstrated a good understanding of the risks facing the country, but there is still a need to strengthen measures to mitigate and disrupt these activities.

Areas for Improvement

The report identified several areas for improvement, including:

  • Strengthening Financial Intelligence and Investigations: To identify and trace criminal proceeds
  • Improving Cooperation with Foreign Counterparts: To combat money laundering and terrorist financing
  • Enhancing Capacity Building for Law Enforcement Agencies: To investigate and prosecute complex cases
  • Implementing Alternative Measures: For situations where a conviction cannot be achieved
  • Increasing Efforts to Pursue the Restitution of Assets: Traced and seized in other jurisdictions

Conclusion

While Angola has made progress in implementing AML/CFT measures, more needs to be done to address the challenges identified. The country’s authorities must continue to strengthen their efforts to combat money laundering and terrorist financing, and ensure that their laws and regulations are effectively implemented.

Recommendations

  • Strengthen financial intelligence and investigations
  • Improve cooperation with foreign counterparts
  • Enhance capacity building for law enforcement agencies
  • Implement alternative measures for situations where a conviction cannot be achieved
  • Increase efforts to pursue the restitution of assets traced and seized in other jurisdictions