Financial Crime World

SAO TOME AND PRINCIPE WORKS TO IMPROVE FINANCIAL CRIME PREVENTION

Strengthening Anti-Money Laundering and Counter-Terrorist Financing Framework

In a bid to enhance its anti-money laundering and counter-terrorist financing framework, the government of Sao Tome and Principe has made significant strides in implementing technical requirements set by the Financial Action Task Force (FATF).

Progress Achieved

According to a recent assessment report, the country has achieved substantial compliance in several areas, including:

  • Assessing risk and applying a risk-based approach: Sao Tome and Principe has established a system to identify and assess money laundering and terrorist financing risks, as well as apply a risk-based approach to supervision.
  • National cooperation and coordination: The country has put in place mechanisms for national cooperation and coordination among law enforcement agencies, financial intelligence units, and other relevant authorities.
  • Targeted financial sanctions related to terrorism and terrorist financing: Sao Tome and Principe has established a system to implement targeted financial sanctions against individuals and entities involved in terrorism and terrorist financing.

Areas for Improvement

Despite the progress made, Sao Tome and Principe still needs to address several areas where it is non-compliant or partially compliant with FATF recommendations, including:

  • Transparency and beneficial ownership of legal persons and arrangements: The country has not yet implemented measures to ensure transparency and beneficial ownership of legal persons and arrangements.
  • Regulation and supervision of designated non-financial businesses and professions (DNFBPs): Sao Tome and Principe needs to strengthen its regulation and supervision of DNFBPs, including the implementation of customer due diligence requirements.

Future Prospects

The government of Sao Tome and Principe has committed to continue working on strengthening its financial crime prevention framework. The country has expressed its commitment to implementing the recommendations set by the FATF and improving its overall anti-money laundering and counter-terrorist financing regime.

By addressing the areas where it needs improvement, Sao Tome and Principe can further enhance its reputation as a responsible international partner in combating financial crime.