Financial Crime World

Angola’s ABC: A New Approach to Anti-Money Laundering and Combating Financing of Terrorism

Angola, known for its commitment to combating money laundering and financing of terrorism (AML/CFT), made significant strides in 2016. The Financial Action Task Force (FATF) recognized Angola’s progress and removed it from the list of high-risk jurisdictions.

Overcoming the Challenges: De-risking and Its Impact on Angola

The emergence of de-risking, which led major banks to assess the risk of working with banks based in high-risk jurisdictions, including Angola, had a major setback during the period from 2010 to 2015. This response worsened constraints related to dollar-denominated transactions for African, Asian, European, Latin American, and Caribbean countries including Angola.

Angola suffered significantly from this trend. To counter this perception and improve the image of the Angolan financial system, authorities and stakeholders took the following steps:

  • Aligning Angolan processes and procedures with international AML/CFT best practices

The FATF’s endorsement of Angola’s progress contributed to restoring its reputation, however, further efforts are necessary to achieve effective compliance. In response, the Angolan Banking Association (ABANC) approved the creation of a five-member Task Force in Q3 2016:

- A dedicated group focused on Compliance and Anti-Money Laundering issues

These experts play a crucial role in ensuring Angola meets the international community’s evolving expectations in the fight against financial crimes. Despite progress, challenges remain, and Angola’s financial sector remains ready to address them head-on.

Angola: A World Leader in Adhering to International AML/CFT Norms

Angola’s dedication to adhering to international AML/CFT norms places it among the world’s leaders, bringing a brighter future for the nation’s financial sector.


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