Financial Crime World

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Angola Steps Up Efforts to Combat Financial Crime

Luanda, Angola - In a bid to strengthen its financial crime prevention measures, Angola has made significant strides in implementing international standards set by the Financial Action Task Force (FATF).

Progress and Challenges

According to a recent report, Angola has been largely compliant with FATF recommendations, with some areas requiring further improvement. The country’s efforts have focused on enhancing its technical compliance, particularly in areas such as:

  • Assessing risk and applying a risk-based approach
  • National cooperation and coordination
  • Targeted financial sanctions related to terrorism and terrorist financing

Measures Implemented

Angola has made significant progress in implementing measures to prevent money laundering and the financing of terrorism, including:

  • Establishing a financial intelligence unit
  • Adopting laws aimed at confiscating proceeds of crime
  • Strengthening powers of supervisors and law enforcement authorities
  • Enhancing international cooperation mechanisms

Areas for Improvement

However, there are still areas where Angola needs to improve, including:

  • Regulation and supervision of non-profit organizations
  • Transparency and beneficial ownership of legal persons and arrangements
  • Updating financial institution secrecy laws to ensure better customer due diligence and record keeping practices

Key Findings

  • Angola has been largely compliant with FATF recommendations, with some areas requiring further improvement.
  • The country has made significant progress in implementing measures to prevent money laundering and the financing of terrorism.
  • Angola’s financial intelligence unit has been established, and laws aimed at confiscating proceeds of crime have been adopted.
  • The country’s powers of supervisors and law enforcement authorities have been strengthened, as well as its international cooperation mechanisms.

Recommendations for Improvement

To further strengthen its financial sector, Angola is recommended to:

  • Update financial institution secrecy laws to ensure better customer due diligence and record keeping practices.
  • Strengthen regulation and supervision of non-profit organizations.
  • Improve transparency and beneficial ownership of legal persons and arrangements.