CAPE VERDE FALLS SHORT ON ANTI-MONEY LAUNDERING LAWS, REPORT SAYS

Progress Made, But Much Work Remains

April 3, 2009 - Cape Verde has made some progress in establishing an anti-money laundering (AML) framework, but much work remains to be done, according to a recent report. The country’s efforts to combat the financing of terrorism are also lacking, with many gaps in its regime.

Weak AML Framework and Incomplete Criminalization of Money Laundering

The report assesses Cape Verde’s compliance with Financial Action Task Force (FATF) recommendations on AML and combating the financing of terrorism (CFT). While the country has taken some steps to establish an AML framework, it is still weak. The criminalization of money laundering is also incomplete, leaving room for improvement.

Gaps in Regime to Prevent Financing of Terrorism

The report highlights a need for Cape Verde to strengthen its regime to prevent the financing of terrorism. Currently, the country lacks effective measures to identify and freeze terrorist assets, and there are concerns about the lack of coordination between law enforcement agencies.

Recommendations for Improvement

The report concludes that while Cape Verde has made some progress in recent years, it still has a long way to go to meet international standards on AML and CFT. It recommends that the government take immediate action to address these gaps and bring its laws and regulations into line with international best practice.

Key Takeaways:

• Cape Verde’s anti-money laundering framework is weak
• The country lacks effective measures to identify and freeze terrorist assets
• There are concerns about the lack of coordination between law enforcement agencies
• The government must take immediate action to address these gaps and bring its laws and regulations into line with international best practice