Financial Crime World

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Worrying Trend of Thieves and Banks Collaborating in Luanda

In a shocking development, there is growing concern over a worrying collaboration between thieves and banks in the city of Luanda.

The Problem

Criminals, armed with weapons left over from the civil war and those obtained from corrupt security companies, have been targeting people withdrawing large sums of money, leaving them attacked and injured. The lack of police presence in poor urban neighborhoods has contributed to the emergence of these mafia-style groups, which are yet to establish a strong control over territories.

  • Levels of violence are extremely high, with no levies or extortion activities reported so far.
  • This worrying trend is not an isolated incident, as Angolan organized criminal groups have been involved in various criminal markets, including wildlife trafficking and forestry, causing environmental and economic damage.

State-Embedded Actors Remain Major Threat

Meanwhile, state-embedded actors continue to pose a significant threat. Anti-corruption efforts implemented by President João Lourenço have revealed numerous serious cases of fraud and financial crimes. For example:

  • The case against former president’s daughter, Isabel Dos Santos, who faces charges of embezzlement and money laundering.
  • Several business leaders and senior government officials are facing similar charges, with some already convicted of money laundering.

It is believed that the financial crimes perpetrated by state-embedded actors remain significant, and while high-profile prosecutions have been made, they may be selective and will not substantially alter the current structure of state capture.

Foreign Criminal Actors Also Active

Foreign criminal actors, including nationals from the Democratic Republic of Congo involved in illegal diamond mining, are also active in Angola. Additionally:

  • Chinese syndicates have been involved in various criminal activities, including ivory trafficking and wildlife poaching.

Economic and Financial Environment Remains Challenging

The economic and financial environment in Angola remains challenging, with:

  • Poor land and property rights
  • High levels of institutionalized corruption
  • A vulnerable banking system making it difficult for businesses to operate

The oil price shock amid the COVID-19 pandemic has further strained the economy.

Civil Society and Social Protection Efforts

Despite these challenges, there have been some improvements in efforts to support victims of trafficking and modern slavery. However:

  • More needs to be done to address the root causes of corruption and ensure that those responsible are held accountable.

In conclusion, the worrying trend of thieves and banks collaborating in Luanda is a serious concern that requires urgent attention from authorities. The country’s economic and financial environment remains challenging, and efforts to combat corruption and support victims of trafficking and modern slavery need to be strengthened.