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Anti-Money Laundering Laws in Cape Verde Under Scrutiny: Technical Compliance and Effectiveness Ratings Revealed

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The International Cooperation Review Group (ICRG) has released its latest assessment of Cape Verde’s anti-money laundering (AML) and combating the financing of terrorism (CFT) measures. The report reveals that while the country has made progress in implementing technical requirements, it still faces challenges in achieving effectiveness.

Technical Compliance

Cape Verde received a rating of “LC” or largely compliant with the Financial Action Task Force (FATF) Recommendations. This indicates that the country has implemented most of the required measures, but there are some areas where further improvement is needed.

Effectiveness

However, when it comes to effectiveness, Cape Verde’s AML/CFT system was rated as “ME” or moderate level of effectiveness. While the country has made efforts to strengthen its AML/CFT framework, the ICRG assessment identified several gaps and weaknesses that need to be addressed.

Specific Challenges

• Lack of a comprehensive risk-based approach to customer due diligence
• Insufficient regulations and supervision of non-bank financial institutions
• Improvement required in sharing information and cooperating with foreign jurisdictions

Positive Developments

• Establishment of a national committee to coordinate AML/CFT activities
• Implementation of new regulations on cross-border transactions

Conclusion

While Cape Verde has made progress in implementing technical requirements, it still faces significant challenges in achieving effectiveness. The country’s authorities will need to take further action to address the identified gaps and weaknesses if they are to prevent money laundering and terrorist financing.