Title: Cabo Verde Taking Steps Forward in Financial Crime Prevention
Cabo Verde has made a significant leap in the fight against financial crimes by approving a comprehensive National Strategy for the Prevention and Combat of Money Laundering, Terrorism Financing, and the Financing of Weapons of Mass Destruction (AML/CFT). The strategic move marks Cabo Verde’s political commitment to align local legislation with international best practices and address the FATF (Financial Action Task Force) recommendations with priority starting from 2023.
cabo verde’s Commitment to International Best practices
Cabo Verde’s commitment to combatting financial crimes is reflected in its legal framework, which includes the following legislation subjected to technical compliance reviews to meet the FATF recommendations:
- Prevention of Money Laundering Act 2009, revised from 2016
- Terrorism financing and the proliferation of Weapons of Mass Destruction measures, established in 2013 and revised in 2016
- Financial Information Unit (FIU)’s organization, powers, and functioning, regulated in 2012
- Rules governing the Asset Recovery Office and Asset Management Office, established in 2012
- Public Prosecutor’s Office, established in 2011
Ensuring Compliance with FATF Guidelines
Cabo Verde’s primary objective is to ensure the legal framework’s compliance with FATF guidelines to prevent and combat money laundering, terrorism financing, and the financing of weapons of mass destruction. This commitment to combatting financial crimes paves the way for economic development and securing peace, security, and justice within the country.
By collaborating with national partners, Cabo Verde aims to make a substantial impact on countering financial crimes.
Regulatory Compliance in Gaming Industry
Separately, Cabo Verde has announced the launch of its third gaming concession, which focuses on regulatory compliance and creating a secure and regulated gaming environment. This initiative highlights the country’s commitment to implementing international best practices in various sectors.
Key Takeaways
- Cabo Verde approves a comprehensive National Strategy for the Prevention and Combat of Money Laundering, Terrorism Financing, and the Financing of Weapons of Mass Destruction.
- The legal framework is subjected to technical compliance reviews to meet FATF recommendations.
- Ensuring legal compliance paves the way for economic development and securing peace, security, and justice within the country.
- Cabo Verde launches third gaming concession, focusing on regulatory compliance and creating a secure and regulated gaming environment.