Financial Crime World

Angola Struggling to Comply with CFT Regulations, Report Says

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In a recent assessment, Angola’s anti-money laundering and counter-terrorism financing (AML/CFT) regime has been found to have several deficiencies. The report, published by the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), highlights the country’s commitment to implementing a well-developed AML/CFT framework that meets international standards.

Angola has a civil law system with Law 34/11 serving as the main legislation governing AML/CFT. The law criminalizes money laundering and terrorist financing, provides for confiscation of crime proceeds, and outlines preventative measures for accountable institutions. However, the country’s Financial Intelligence Unit was only established in 2011 and lacks regulations to guide accountable institutions on implementing the law.

Deficiencies Identified

Lack of Guidelines for Reporting Suspicious Transactions

The report highlights that Angola lacks guidelines for reporting suspicious transactions, making it difficult for accountable institutions to identify and report potential money laundering or terrorist financing activities.

Need for Robust Customer Due Diligence Measures

Additionally, the assessment notes that Angola’s customer due diligence measures are not robust enough, leaving the country vulnerable to money laundering and terrorist financing risks.

Recommendations

Despite these deficiencies, the report provides recommendations on how Angola can strengthen its AML/CFT regime in the short and medium term. These recommendations include:

  • Improving customer due diligence practices to better identify and verify customer information
  • Enhancing reporting requirements to facilitate the detection of suspicious transactions
  • Increasing cooperation between financial institutions and law enforcement agencies to share information and best practices

Availability of Reports

The ESAAMLG has published both an executive summary and a full report of the assessment, which are available for download on their website. The reports provide a comprehensive overview of Angola’s AML/CFT regime and offer valuable insights into the country’s efforts to combat money laundering and terrorist financing.

Conclusion

In conclusion, while Angola faces challenges in implementing its AML/CFT framework, the report provides recommendations that can help the country strengthen its efforts against money laundering and terrorist financing. By addressing these deficiencies, Angola can improve its compliance with international standards and enhance its reputation as a responsible and cooperative member of the global financial community.