Financial Crime World

Angola’s Financial Watchdog: Cracking Down on Money Laundering with FATF Recommendations

Angola’s commitment to combating money laundering and terrorist financing was reaffirmed last week by the deputy director of Angola’s Financial Investigation Unit (UIF), António Freire dos Santos. The UIF, in collaboration with the United Nations Office on Drugs and Crime (UNODC), organized a workshop on “Money laundering risks related to designated non-financial businesses and other professions.”

Angola’s Anti-Money Laundering Efforts

Freire dos Santos expressed Angola’s dedication to strengthening its national anti-money laundering system and adhering to international best practices. He highlighted several legislative steps Angola is taking to prevent money laundering and terrorist financing. These include:

  • Establishing a database and a website for financial institutions to collaborate and share information.
  • Addressing the Financial Action Task Force (FATF) recommendations to reduce financial crime tendencies and enhance Angola’s reputation within the financial system.

Angola has until July to fully comply with the FATF recommendations. The country is making significant progress by devising a comprehensive national plan and involving all institutions.

Money Laundering Risks in Non-Financial Sectors

Manuela Carneiro, UNODC advisor in Angola, acknowledged that money laundering is a dynamic and evolving challenge for law enforcement. She highlighted the increasing susceptibility of various non-financial sectors, such as:

  • Property sector
  • Law firms
  • Precious metals dealers
  • Insurance companies

These sectors can unintentionally be used for illicit activities.

International Cooperation

Angola’s endeavors to improve its anti-money laundering systems are reinforced by international cooperation. Switzerland, known for its success in fighting money laundering, has pledged support through three experts from the “Institut de Lutte Contre la Criminalité Economique” participating in the ongoing workshop.

This workshop is one of the initiatives under the European Union (EU) funded Project to Support the Strengthening of the Asset Forfeiture System in Angola (PRO.REACT), aimed at creating an effective system to combat illicit financial flows in the country.

Strategic Focus on Compliance

Freire dos Santos stated, “Angola is in the process of addressing the FATF recommendations set forth in the assessment report. We are dedicated to our compliance, focusing on legislative updates, defining major challenges for preventing and combatting money laundering, and training staff for specialized interventions.”

By involving all stakeholders and adhering to international best practices, Angola is making substantial efforts to combat money laundering and protect its financial system.