Financial Crime World

Angola’s Anti-Money Laundering Efforts under FATF Scrutiny: A Look at the ESAAMLG Report

Angola, as a member of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), underwent a review by the Financial Action Task Force-Style Regional Body (FATF). The findings of the assessment were detailed in a Mutual Evaluation Report, which was released in August 2012. The report, prepared by the World Bank, evaluated Angola’s compliance with Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) measures in line with FATF standards.

Assessment of Angola’s AML/CFT Framework

The ESAAMLG Council of Ministers endorsed the report, which assessed Angola’s AML/CFT framework and the government’s dedication to implementing an effective regime. The following are some key points from the report:

  • Legislative framework: Angola’s main legislative tool for AML/CFT is Law 34/11, enacted in 2011. It criminalizes money laundering and terrorist financing offenses and includes provisions for confiscation of proceeds of crime, preventative measures for accountable institutions, and their AML/CFT obligations. In the same year, the Financial Intelligence Unit (FIU) was established.
  • Institutional framework: The FIU’s functions and responsibilities are outlined in Presidential Decree 35/11, and it is overseen by the central bank (BNA). However, Angola has yet to release implementing regulations, guidelines, or notices to support the adoption of Law 34/11.

Areas for Improvement and Recommendations

The report identified several areas of Angola’s AML/CFT framework that necessitate improvement. It also provided recommendations for short- and medium-term measures for the Republic of Angola to address these deficiencies and meet international standards more effectively. Some of the key recommendations include:

  • Legislative and regulatory reforms: Angola should finalize and implement the necessary legislative and regulatory provisions to fully align its laws and regulations with FATF Recommendations.
  • Improving the FIU: Angola should establish clear operational guidelines, enhance its operational capacity, and increase the number of trained personnel at the FIU.
  • Risk assessment: Angola should conduct a comprehensive risk assessment of its AML/CFT regime and adopt a risk-based approach to supervision and enforcement.

Accessing the Report

To familiarize yourself with the details of the evaluation findings, you can download the Executive Summary from the ESAAMLG website. For a comprehensive understanding of the assessment, access the full report, which is also available on the ESAAMLG website.