Financial Intelligence Unit Cracks Down on Money Laundering with New Regulations

Strengthening Financial Institutions’ Risk Assessment and Reporting Mechanisms

Luanda, Angola - In a bid to combat money laundering and terrorist financing, the Angolan government has introduced new regulations aimed at strengthening financial institutions’ risk assessment and reporting mechanisms.

The Role of the Financial Intelligence Unit (FIU)

The FIU is an independent and autonomous central national unit responsible for receiving, analyzing, and disseminating information suspected of pertaining to money laundering, terrorism financing, and proliferation of weapons of mass destruction. The FIU operates according to its own regulations and cooperates with international counterparts to prevent and combat financial crimes.

New Regulations: Key Highlights

• Financial institutions are required to conduct a national risk assessment every three years to identify, assess, and understand the risks related to money laundering and terrorist financing in Angola.
• The Supervisory Committee is responsible for conducting the National Risk Assessment, which involves the participation of all relevant national institutions.
• The FIU will conduct sectoral assessments annually to update its knowledge on the financial sector’s vulnerabilities to money laundering and terrorist financing.
• Shell banks are prohibited from being established in Angolan territory, and financial institutions must take steps to avoid establishing correspondent relationships with known shell banks.
• Opening or maintaining anonymous accounts is also prohibited.

General Duties of Financial Institutions

• Assess risks related to money laundering and terrorist financing
• Identify customers and maintain records
• Report suspicious transactions to the FIU
• Cooperate with authorities in investigations and enforcement actions
• Adopt suitable measures to identify, assess, understand, and mitigate the risks of money laundering and terrorist financing

A Step Forward in Combating Financial Crimes

The new regulations mark a significant step forward in Angola’s efforts to combat financial crimes. The FIU’s role in receiving, analyzing, and disseminating information suspected of pertaining to money laundering, terrorism financing, and proliferation of weapons of mass destruction is crucial in preventing and combating these crimes.

Conclusion

The emphasis on risk assessment and reporting mechanisms will help financial institutions identify and mitigate potential risks, ensuring a safer and more transparent financial system for all stakeholders. As Angola continues to develop its financial sector, it is essential that the government and regulatory authorities remain vigilant in their efforts to combat financial crimes. The new regulations are a positive step towards achieving this goal, and we can expect to see further developments in the coming years.