Angola Launches Massive Crackdown on Financial Crimes

** Recovering Over $11 Billion in Looted Assets**

Luanda - The Angolan authorities have launched a massive crackdown on financial crimes, resulting in the recovery of over $11 billion in looted assets stashed away in countries around the world.

Government’s Anti-Corruption Drive

According to Justice Minister Francisco Queiroz, the government has launched 715 criminal prosecutions for corruption, fraud, embezzlement and other financial crimes since taking office in 2017. The crackdown is part of a wider anti-corruption drive launched by President Joao Lourenco aimed at recouping assets he suspected were embezzled under his predecessor, Jose Eduardo dos Santos.

Recovery of Looted Assets

In the last three years, the government has recovered nearly $11.5 billion in cash and property in Angola and abroad, with assets seized from:

• Britain
• Switzerland
• Singapore
• Bermuda

The total amount recovered stands at a staggering $11,486,042,997.22, according to Queiroz.

Legacy of Corruption

The crackdown comes as no surprise, given the widespread allegations of corruption and embezzlement under dos Santos’ 38-year presidency. Dos Santos is accused of appointing relatives and friends to top positions, allowing them to siphon off Angola’s oil wealth and leaving behind a nation mired in poverty.

Investigations and Outrage

One of his daughters, Isabel, is being investigated for allegedly funnelling state funds into offshore assets - accusations she vehemently denies. The investigation has sparked widespread outrage among Angolans who are demanding justice and accountability from their leaders.

Major Victory for Anti-Corruption Efforts

The recovery of over $11 billion in looted assets is seen as a major victory for the Angolan government’s anti-corruption efforts, but many believe that much more needs to be done to tackle the root causes of corruption in the country.