Angola’s Anti-Money Laundering and Counter-Terrorist Financing Efforts Show Promise, but Face Challenges

Progress Made in Legal Framework, But Challenges Remain

Despite making significant improvements to its legal framework, Angola’s efforts to combat money laundering (ML) and terrorist financing (TF) are hindered by a lack of effective case management systems, statistics, and prioritization mechanisms.

Assessment Highlights Key Challenges

• Lack of effective case management systems to investigate and prosecute ML cases
• Limited information from non-bank financial entities and other sources
• No comprehensive strategic reports on typologies and trends related to predicate crimes, ML, and TF
• Limited prosecution of ML cases, with a focus mainly on corruption offenses
• Inadequate capacity for parallel financial investigations to identify ML cases effectively

Autonomy and Operational Independence of National Financial Intelligence Unit (FIU)

The FIU, responsible for receiving, analyzing, and disseminating financial intelligence, has autonomy and operational independence. However, its reports are largely based on transaction data from commercial banks, with limited information from other financial institutions and non-bank financial entities.

Recommendations to Improve Efforts

• Improve case management systems to effectively investigate and prosecute ML cases
• Increase transparency and cooperation with international partners
• Strengthen capacity for financial investigations and prosecutions
• Conduct comprehensive strategic reports on typologies and trends related to predicate crimes, ML, and TF

Government Plans to Enhance AML/CFT Regulations and Coordination

The Angolan government has announced plans to enhance its AML/CFT regulations and strengthen coordination between law enforcement agencies, financial institutions, and other stakeholders. The government has also committed to increasing transparency and accountability in its anti-money laundering efforts.

Conclusion

While Angola has made progress in setting up its anti-money laundering and counter-terrorism financing system, it still faces significant challenges in effectively combating ML and TF. To address these challenges, the country needs to implement the recommended improvements and strengthen its capacity for financial investigations and prosecutions.

The Economic and Financial Crimes Commission (EFCC) assessment is part of a broader effort to support Angola’s efforts to combat ML and TF and comply with international standards and best practices.