Cape Verde Takes Measures to Combat Money Laundering and Terrorist Financing

Report Reveals Progress in Implementing Anti-Money Laundering and Counter-Terrorism Financing Framework

April 3, 2009 - Cape Verde has made significant progress in implementing a comprehensive framework to combat money laundering (AML) and the financing of terrorism (CFT), according to a report released today. The country’s efforts have been assessed by international experts who found that Cape Verde has implemented the Financial Action Task Force (FATF) 40 recommendations.

Key Findings

• Cape Verde has a robust and effective AML/CFT framework in place, with a clear legal framework that provides for the prevention and detection of suspicious transactions.
• The country has adequate provisions to protect the rights of bona fide third parties.
• Cape Verde’s financial institutions have strengthened their security measures, including customer due diligence requirements and ongoing monitoring of transactions.

Commitment to Improvement

• While significant progress has been made, there are still areas where improvement is needed.
• Cape Verde has committed to addressing these issues and continues to work towards full compliance with international standards.

Recommendations for Download

The report is available for free download from the website of [insert organization name].