Financial Crime World

Here is the rewritten article in markdown format:

Cape Verde Strengthens Anti-Money Laundering Guidelines

As part of its efforts to combat financial crimes, Cape Verde has made significant strides in implementing anti-money laundering (AML) guidelines. According to the latest report by a leading international organization, the country has achieved compliance or partial compliance in most areas.

Assessment Report

The report assesses Cape Verde’s implementation of the Financial Action Task Force (FATF) Recommendations, which provide a global standard for AML and combating the financing of terrorism (CFT). The country received ratings ranging from “compliant” to “partially compliant” across various recommendations.

Key Areas of Progress

In several key areas, Cape Verde demonstrated significant progress:

  • Assessing risk and applying a risk-based approach (R.1)
  • National cooperation and coordination (R.2)
  • Targeted financial sanctions related to terrorism and terrorist financing (R.6)

Areas for Improvement

However, there are still some areas where the country needs to improve:

  • Transparency and beneficial ownership of legal persons (R.24) and arrangements (R.25) - non-compliant
  • Confiscation and provisional measures (R.4), terrorist financing offence (R.5), and customer due diligence (R.10) - partially compliant

Financial Intelligence Unit and Law Enforcement Agencies

The country’s financial intelligence unit and law enforcement agencies also require strengthening in certain areas:

  • Regulation and supervision of financial institutions (R.26)
  • DNFBPs (R.28)

Conclusion

Despite these challenges, Cape Verde’s progress is encouraging, and the government should continue to prioritize AML efforts to maintain its reputation as a responsible financial center.

I hope this helps! Let me know if you have any further requests.