Financial Crime World

Cape Verde Scores High in Financial Inclusion and Anti-Money Laundering Efforts

According to a recent report by the Financial Action Task Force (FATF), Cape Verde has achieved a high rating for technical compliance with international standards on anti-money laundering (AML) and combating the financing of terrorism (CFT).

Compliant Rating

The FATF report gives Cape Verde a “compliant” rating, indicating that the country has implemented the technical requirements of the FATF Recommendations. This is a significant achievement for Cape Verde, as it demonstrates the country’s commitment to preventing financial crimes and promoting financial stability.

Effective AML/CFT System

In addition to its strong technical compliance, Cape Verde also scored high in effectiveness, with an assessment conducted on the basis of 11 immediate outcomes that represent key goals that an effective AML/CFT system should achieve. The report gives Cape Verde a “high level of effectiveness” rating, indicating that the country’s measures are highly effective in achieving these goals.

Key Achievements

  • Strengthened supervisory and enforcement mechanisms
  • Improved customer due diligence practices
  • Enhanced international cooperation
  • Increased public awareness of the importance of preventing financial crimes and promoting financial inclusion

Significance for Economic Development

The FATF report is a major achievement for Cape Verde, which has been working to improve its AML/CFT regime in recent years. The country’s commitment to combating financial crime and promoting financial stability is a key factor in its economic development and growth, and this report demonstrates that it is on the right track.

Conclusion

Cape Verde’s high rating for technical compliance and effectiveness in anti-money laundering and combating the financing of terrorism is a testament to its commitment to preventing financial crimes and promoting financial stability. This achievement is a significant step forward for the country and will help to support its economic development and growth.