Global Efforts to Combat Financial Crime in Angola Gain Momentum

Angola Makes Progress in Implementing Anti-Money Laundering Standards

A recent evaluation by the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) has highlighted Angola’s progress in implementing anti-money laundering and counter-terrorist financing standards. The country has made significant strides in strengthening its legal framework, but still faces technical challenges.

Assessment Highlights Progress

• Angola was deemed compliant with 7 out of the Financial Action Task Force (FATF) 40 Recommendations.
• The country is largely compliant with 15 others.
• However, it remains highly effective for zero and substantially effective for zero of the effectiveness and technical compliance ratings.

Angola’s Efforts to Combat Financial Crime

While Angola’s efforts to combat money laundering and terrorist financing are relatively recent, dating back to the early 2000s when a preventive system was first introduced. The country adopted its first comprehensive law in 2011, which was significantly revised in 2020.

Strengthening Framework with International Support

In an effort to strengthen its framework on anti-money laundering and counter-terrorist financing, Angola has sought support from the EU Global Facility on AML/CFT. This move is seen as a positive step towards enhancing the country’s compliance with FATF standards.

Global Efforts to Combat Financial Crime Continue to Gain Momentum

As global efforts to combat financial crime continue to gain momentum, Angola’s progress in this area is being closely watched by international experts and policymakers. The country’s commitment to strengthening its anti-money laundering framework is a positive development, and its compliance with FATF standards will be a key focus in the coming years.