Financial Crime World

Cape Verde Stands Strong Against Money Laundering and Terrorism Financing

April 3, 2009

Cape Verde has taken a significant step in strengthening its efforts against money laundering and terrorism financing by implementing a comprehensive framework for freezing, seizing, and confiscating criminal proceeds. According to a recent report, the country’s antimoney laundering (AML) and combating the financing of terrorism (CFT) measures have been deemed satisfactory by international standards.

Meeting International Benchmarks

The Financial Action Task Force (FATF) 40 recommendations, which serve as a benchmark for evaluating countries’ AML/CFT systems, have been largely met by Cape Verde. The report highlights that the country has implemented adequate provisions to protect the rights of bona fide third parties, ensuring that their interests are not compromised during investigations and proceedings.

Effective Risk Management

The assessment also commends Cape Verde’s efforts in addressing the risks associated with the financial system, including those posed by shell companies and other opaque structures. Additionally, the report notes that the country has established effective mechanisms for sharing information between financial institutions and law enforcement agencies to combat money laundering and terrorism financing.

Global Impact

Overall, Cape Verde’s AML/CFT framework demonstrates a commitment to upholding international standards and preventing the misuse of its financial system. The country’s efforts are expected to contribute significantly to the global fight against organized crime and terrorist activities.

Key Takeaways

  • Cape Verde has implemented a comprehensive framework for combating money laundering and terrorism financing.
  • The country’s AML/CFT measures have been deemed satisfactory by international standards.
  • Cape Verde has established effective mechanisms for sharing information between financial institutions and law enforcement agencies.
  • The country’s efforts are expected to contribute significantly to the global fight against organized crime and terrorist activities.