Financial Crime World

Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) Measures in Angola

Introduction

Angola has made efforts to implement Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) measures, but there are still several areas that require improvement. This report summarizes the key findings and recommendations for enhancing AML/CTF measures in Angola.

Limited Awareness among Private Sector Entities

  • There is limited awareness among private sector entities, including DNFBPs (Designated Non-Financial Business and Professions), about the risks associated with TF (Terrorist Financing) and their obligations under the relevant laws.
  • The National Financial Intelligence Unit (UIF) has received some reports from DNFBPs, but these are not regular or comprehensive.

Inadequate Reporting by DNFBPs

  • There is a need for more robust reporting by DNFBPs to enhance the effectiveness of the UIF in detecting and preventing TF cases.
  • The UIF does not have adequate resources to monitor and supervise NPOs (Non-Profit Organizations) effectively, as there are no specific regulations or guidelines on customer due diligence for NPOs.

Limited International Cooperation

  • Angola has a framework for international cooperation in combating ML/TF (Money Laundering/Terrorist Financing), but there is limited collaboration with other countries, particularly those in the region.
  • There are no specific guidelines or regulations on the use of digital currencies, and DNFBPs do not report suspicious transactions related to cryptocurrencies.

Inadequate Resources for UIF

  • The UIF does not have adequate resources to conduct regular audits and inspections of reporting entities.
  • The UIF does not have adequate resources to analyze reports received from DNFBPs effectively.

Recommendations

  1. Increase awareness among private sector entities about ML/TF risks and obligations.
  2. Improve reporting by DNFBPs through more robust and regular reporting.
  3. Enhance collaboration with other countries in combating ML/TF, particularly those in the region.
  4. Provide adequate resources for the UIF to monitor and supervise reporting entities effectively.
  5. Develop specific guidelines or regulations on customer due diligence for NPOs, digital currencies, prepaid cards, and use of legal persons.
  6. Increase awareness among non-financial business and professions about ML/TF risks and obligations.

Conclusion

While Angola has made efforts to implement AML/CTF measures, there are still several areas that require improvement. Addressing these weaknesses will enhance the effectiveness of Angola’s AML/CTF framework and contribute to a safer financial environment.