Financial Crime World

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Angola’s Anti-Money Laundering and Counter-Terrorist Financing Regime Under Scrutiny: Report Highlights Deficiencies, Calls for Reforms

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The Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) has released a Mutual Evaluation Report on Angola’s implementation of anti-money laundering and counter-terrorist financing measures. The report, prepared by the World Bank as part of the Financial Sector Assessment Program, assesses Angola’s AML/CFT framework against international standards set by the Financial Action Task Force.

Progress Made

Angola has made significant progress in developing its AML/CFT regime, with a commitment to put in place a well-structured system that complies with FATF standards. The country’s main law on AML/CFT is Law 34/11, which:

  • Criminalizes money laundering and terrorist financing
  • Provides for the confiscation of proceeds of crime
  • Prescribes preventative measures for accountable institutions

Areas of Deficiency

The report identifies several areas of deficiency in Angola’s AML/CFT framework, including:

  • Lack of regulations and guidelines to assist accountable institutions with implementing Law 34/11
  • Ineffective mechanisms for sharing information between law enforcement agencies, financial intelligence units, and other relevant authorities

Recommendations for Reform

To address these deficiencies, the report makes detailed recommendations for short-term and medium-term measures that Angola should take to strengthen its AML/CFT regime. These include:

Short-Term Measures

  • Implementing regulations and guidelines to assist accountable institutions with compliance
  • Enhancing cooperation and coordination among authorities

Medium-Term Measures

  • Improving information sharing mechanisms between law enforcement agencies, financial intelligence units, and other relevant authorities

Conclusion

The full report is available on the ESAAMLG website, along with an executive summary. The report provides a comprehensive assessment of Angola’s AML/CFT framework and offers practical recommendations for strengthening the country’s anti-money laundering and counter-terrorist financing regime.