Financial Crime World

Angola Makes Progress in Complying with FATF Recommendations, But Still Has Work to Do

Angola has made significant progress in implementing the technical requirements of the Financial Action Task Force (FATF) recommendations, but still faces some challenges, according to a recent report.

Overview

The report assesses Angola’s compliance with the 40 Recommendations of the FATF, which aim to prevent money laundering and terrorist financing. The report highlights both the progress made by Angola and the areas where further improvement is needed.

Progress Made

Angola has made significant progress in implementing several key areas, including:

  • Assessing Risk and Applying a Risk-Based Approach (R.1): Angola has demonstrated its ability to assess risk and apply a risk-based approach in preventing money laundering and terrorist financing.
  • National Cooperation and Coordination (R.2): The country has shown improvements in its national cooperation and coordination efforts, ensuring that relevant authorities work together effectively.
  • Targeted Financial Sanctions related to Terrorism and Terrorist Financing (R.6): Angola has implemented targeted financial sanctions related to terrorism and terrorist financing, demonstrating its commitment to preventing the financing of terrorist activities.

Angola has also shown improvements in:

  • Regulation and Supervision of Financial Institutions (R.26): The country’s regulation and supervision of financial institutions have been strengthened, ensuring that these entities operate within a secure and effective framework.
  • Powers of Supervisors (R.27): Angola has granted its supervisors the necessary powers to effectively supervise and regulate financial institutions.

Areas for Improvement

However, Angola still faces challenges in implementing several areas, including:

  • Prevention of Money Laundering through Non-Profit Organisations (R.8): The country needs to improve its prevention of money laundering through non-profit organisations.
  • Customer Due Diligence (R.10): Angola’s implementation of customer due diligence is still incomplete and requires further improvement.
  • Record Keeping (R.11): The country’s record-keeping practices need to be strengthened to ensure that financial transactions are properly documented.

Angola also needs to improve its implementation of:

  • Targeted Financial Sanctions related to Proliferation (R.7): The country’s targeted financial sanctions related to proliferation are not yet fully effective.
  • Confiscation and Provisional Measures (R.4): Angola’s confiscation and provisional measures need to be improved to ensure that assets are effectively frozen or seized.

Overall Rating

Angola’s progress in implementing the FATF recommendations is reflected in its overall rating, which shows that it has made significant progress but still has some work to do. According to the report, Angola has a rating of “partially compliant” for several areas, including customer due diligence, record keeping, and targeted financial sanctions related to proliferation.

Conclusion

The report highlights the importance of continued efforts by Angola to implement the remaining requirements and improve its overall compliance with the FATF recommendations. The country’s progress will be closely monitored by the international community, and it is expected that further improvements will be made in the coming years.

In a statement, the Angolan authorities welcomed the report and committed to continuing their efforts to implement the FATF recommendations. “We are pleased with the progress we have made so far, but we acknowledge that there is still more work to do,” said a spokesperson for the Angolan government. “We will continue to work closely with our international partners to ensure that our financial system is secure and effective in preventing money laundering and terrorist financing.”