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Sao Tome and Principe Struggles with AML Regulations

A recent assessment by the Financial Action Task Force (FATF) has revealed that Sao Tome and Principe is largely compliant in several areas of anti-money laundering (AML) regulations, but still lags behind in others.

FATF Assessment Highlights Strengths and Weaknesses

According to the report, Sao Tome and Principe was rated “largely compliant” in 16 out of 40 recommendations, with some areas receiving a “partially compliant” rating. The country’s implementation of AML regulations was deemed “non-compliant” in just five areas, while two received a “compliant” rating.

Strengths

• Risk assessment and risk-based approach (R.1)
• National cooperation and coordination (R.2)
• Implementation of targeted financial sanctions related to terrorism and terrorist financing (R.6)
• Reliance on third parties (R.17)

Weaknesses

• Confiscation and provisional measures (R.4) - partially compliant
• Transparency and beneficial ownership of legal persons and arrangements (R.24 and R.25) - non-compliant
• Implementation of regulations related to non-profit organizations (R.8) and financial institutions secrecy laws (R.9)
• Regulation and supervision of DNFBPs (R.28) - non-compliant

Recommendations for Improvement

The FATF report highlights the importance of continued effort and improvement by Sao Tome and Principe to strengthen its AML regulations and prevent money laundering and terrorist financing in the country.

Note: R.X represents a specific recommendation made by the FATF.