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Financial Crime Definition in Cape Verde

Cape Verde has made significant progress in implementing the technical requirements of the Financial Action Task Force (FATF) Recommendations, earning a “Largely Compliant” rating. The country’s financial system has been strengthened to prevent and combat financial crimes, including money laundering and terrorist financing.

Key Strengths

• Assessing risk and applying a risk-based approach
• National cooperation and coordination
• Targeted financial sanctions related to terrorism and terrorist financing
• Measures to confiscate and freeze assets linked to criminal activity
• Strengthened regulation and supervision of financial institutions

Areas for Improvement

• Transparency and beneficial ownership of legal persons and arrangements
• Reporting of suspicious transactions
• Regulation and supervision of designated non-financial businesses and professions (DNFBPs)

Cape Verde’s efforts to combat financial crime have been recognized by the FATF, which has acknowledged the country’s progress in implementing the technical requirements of the Recommendations. The country is expected to continue working towards full compliance with all requirements in the future.

Conclusion

While Cape Verde has made significant progress in combating financial crime, there are still areas that require improvement. With continued efforts, the country can further strengthen its financial system and maintain its “Largely Compliant” rating from the FATF.