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Financial Crimes on the Rise in Cape Verde

Cape Verde, an island nation off the coast of West Africa, has been grappling with various types of financial crimes in recent years. According to experts, the country’s lack of effective regulations and supervision has created an environment conducive to money laundering, terrorist financing, and other illicit activities.

FATF Assessment

The Financial Action Task Force (FATF), an international organization that sets standards for combating financial crime, has assessed Cape Verde’s efforts to implement its recommendations. While the country has made some progress in certain areas, it still faces significant challenges in others.

• The FATF report noted that Cape Verde is largely compliant with requirements related to:
  • Assessing risk and applying a risk-based approach
  • National cooperation and coordination
  • Targeted financial sanctions
• However, the country scored poorly on measures related to:
  • Non-profit organizations
  • Financial institution secrecy laws
  • Transparency and beneficial ownership of legal persons

Money Laundering Concerns

Money laundering remains a significant problem in Cape Verde, with many criminal networks using the country as a hub for illegal activities. The authorities have struggled to track down and prosecute perpetrators, leading to concerns about corruption and lack of effective enforcement.

Terrorist Financing Threat

Terrorist financing is also a growing concern, with some experts warning that the country’s porous borders and inadequate financial regulations make it an attractive location for terrorist groups seeking to fund their operations.

Challenges in Implementation

In addition to these threats, Cape Verde has struggled to implement effective measures to prevent financial crimes. The authorities have been criticized for:

• Lack of transparency in decision-making processes
• Failing to provide adequate training and resources to law enforcement agencies

Call to Action

The FATF report has called on Cape Verde to take immediate action to address these weaknesses and improve its overall compliance with international standards. The country must also work to:

• Strengthen its financial regulations
• Increase transparency and accountability
• Improve cooperation with international partners to combat financial crime effectively

Global Effort Required

As the global fight against financial crimes continues to evolve, it is crucial that countries like Cape Verde take decisive action to prevent and detect illicit activities. Only through a concerted effort can we hope to disrupt criminal networks and protect the integrity of the financial system.