Financial Crime World

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Regulatory Bodies for Financial Crimes in São Tomé and Principe

São Tomé and Principe, a small island nation off the coast of West Africa, has been assessed by the Financial Action Task Force (FATF) on its efforts to combat financial crimes. The FATF is an intergovernmental organization that sets standards for combating money laundering, terrorist financing, and other illicit activities.

Assessment Report

According to the latest Follow-Up Report released in 2023, São Tomé and Principe has made some progress in implementing the technical requirements of the FATF Recommendations. However, there are still areas where the country needs to improve.

Compliance with FATF Recommendations

Here are some key findings:

  • Assessing Risk and Applying a Risk-Based Approach (R.1): São Tomé and Principe is largely compliant.
  • National Cooperation and Coordination (R.2): The country fares well in this area.
  • Laws to Criminalize Money Laundering and Terrorist Financing Offenses (R.3 and R.5): Laws are in place, but more work needs to be done.

Areas for Improvement

However, there are areas where the country falls short:

  • Confiscation and Provisional Measures (R.4): The country is only partially compliant.
  • Financial Institution Secrecy Laws (R.9): Compliant, but more work needs to be done.
  • Regulation and Supervision of DNFBPs (R.28): Non-compliant.
  • Transparency and Beneficial Ownership of Legal Persons and Arrangements (R.24 and R.25): The country lacks transparency in this area.
  • Regulation and Supervision of Financial Institutions (R.26): The country needs to improve its regulations and supervision.
  • Adequate Internal Controls and Foreign Branches and Subsidiaries (R.18): The country lacks adequate internal controls.

Progress Made

Despite these challenges, São Tomé and Principe has made some progress in recent years:

  • Targeted Financial Sanctions related to Terrorism and Terrorist Financing (R.6): The country has implemented targeted financial sanctions.
  • Financial Intelligence Units (R.29): The country’s financial intelligence units are compliant with international standards.

Conclusion

While São Tomé and Principe still has a lot of work to do to fully implement the FATF Recommendations, it is taking steps in the right direction to combat financial crimes. The country’s progress will be closely monitored by the FATF to ensure that it continues to improve its anti-money laundering and counter-terrorist financing regime.