Financial Crime World

Angolan Elites Funneled Hundreds of Millions Out of Country through Portuguese Banks: A New Investigation Reveals

A new investigation by the Organized Crime and Corruption Reporting Project (OCCRP) reveals a complex financial network involving Angolan government officials and senior Portuguese bank executives who allegedly funneled hundreds of millions of dollars out of Angola with little oversight.

Key Findings

  • At least $324 million was transferred through Portuguese banks, with most of the funds originating in Angola.
  • Additionally, $257 million was held by European companies closely linked to these officials.

Violations of Portuguese Banking Regulations

  • Portuguese regulators identified the banks used by this group as having violated dozens of Portuguese banking regulations in two audit reports from 2016.
  • Despite these findings, the financial network continues to function today.

Quote from Ana Gomes

  • “Portugal’s leadership wasn’t sensitive to the long-term damage that laundering this money would do to the country,” said Ana Gomes, a former Portuguese member of the European Parliament.

Implications for Angola

  • The money pipeline started in Angola, where political connections allowed elites to avoid regulatory scrutiny.
  • Some of the funds that disappeared into the networks could have been spent on infrastructure, education, or healthcare clinics.

Architects of the System

  • Manuel Vicente and Leopoldino Fragoso do Nascimento (Dino), two men who worked closely with former Angolan President José Eduardo dos Santos, are believed to be the system’s architects.

Charges against Vicente

  • Former Sonangol head Vicente is currently facing charges in Portugal for allegedly paying bribes to Orlando Figueira, the country’s public prosecutor at the time.

List of Angolan Elites Involved

  • More than a dozen influential officials and their family members are believed to have used the system.

Audit Reports and Investigative Journalism

  • The Portuguese, European Central Bank, and the European Union Commissioner for Economic and Monetary Affairs were made aware of these audit findings.
  • Similar schemes involving Angolan elites have been reported in countries like the United States and South Africa.

Need for Stronger Anti-Money laundering Regulations

  • The exact amount of funds being laundered through these networks is unknown, but the implications for both Angola and the countries involved are grave.
  • It underlines the need for stronger adherence to global anti-money laundering regulations and enhanced international cooperation.