Financial Crime World

Financial Crime Investigation Procedures in Angola Show Progress, But Challenges Remain

Introduction

Angola has made significant progress in recovering stolen assets and combating financial crime since 2020. The country’s Attorney General announced that over 1,500 cases related to financial crime had been opened in December 2020, with a total recovery of over USD 5 billion in cash, physical assets, and businesses.

Domestic Recovery Efforts

  • The Angolan government has focused on seizing assets linked to high-profile individuals and companies.
  • In July 2020, the National Service on Assets Recovery seized three private commercial buildings in Luanda built with funds from state-owned oil company Sonangol.
    • The buildings belonged to Riverstone Oaks Corporation, controlled by former vice president Manuel Vicente and former director of Sonangol Real Estate and Properties Orlando Veloso.
  • In December 2019, the Luanda Provincial Court froze all in-country accounts and assets owned by former first daughter Isabel dos Santos, her husband Sindika Dokolo, and businessman Mario Leite da Silva.
    • The court suspected that the assets worth over USD 1 billion originated from state funds obtained illegally.
    • Dos Santos claimed the seizure order was “politically motivated” but remains in exile in Dubai.

International Recovery Efforts

  • The National Asset Recovery Service has requested support from several foreign jurisdictions to freeze or seize Angolan assets, including:
    • Switzerland
    • The Netherlands
    • Luxembourg
    • Portugal
    • The United Kingdom
    • Singapore
    • Bermuda
    • Others
  • Bilateral discussions are ongoing with these countries to recover stolen assets.
  • Portugal is considered a key destination for dirty money from Angola, and asset recovery efforts have been strong between the two countries.

Asset Returns

  • Angola has recently returned assets from its sovereign wealth fund, which involved a total of USD 3.35 billion in assets returned in 2019.
  • An older successful case linked to the so-called “Angolagate” involved two criminal investigations by Switzerland into alleged corruption and money laundering by Angolan officials.
    • Assets worth USD 64 million were repatriated in 2012 and used to fund humanitarian projects agreed upon between Switzerland and Angola.

Challenges

  • While the Angolan government’s efforts to recover stolen assets have been praised as a best practice of social re-use of returned assets and successful intergovernmental cooperation, challenges remain.
  • Reluctance from some countries to fully comply with requests for judicial cooperation is an ongoing issue.
  • Discussions on the recovery and return of stolen assets are still underway.