Angola Adopts Tougher Anti-Money Laundering Laws

Strengthening Financial Regulations to Combat Money Laundering and Terrorist Financing

Luanda - In a significant move to combat money laundering and terrorist financing, Angola has introduced new laws that require financial institutions and other entities to conduct sectoral risk assessments and implement stricter measures to prevent illegal activities.

Key Requirements of the New Laws

• Financial institutions must assess risks associated with individual customers, transactions, and institutions, considering factors such as business nature, geographic location, and customer behavior.
• Entities must develop and implement internal policies, procedures, and controls to manage and mitigate these risks.
• Anonymous accounts or accounts under obviously fictitious names are prohibited from being opened or maintained.
• Financial institutions are prohibited from establishing correspondent relationships with shell banks and must take steps to avoid doing business with respondent banks that allow their accounts to be used by shell banks.

Angolan Government’s Efforts

• The government has banned the establishment of shell banks within its territory.
• Strict regulations have been imposed on correspondent banking relationships.
• A senior official at the Angolan Financial Intelligence Unit emphasized, “We are committed to fighting money laundering and terrorist financing. These new laws will help us identify and prevent illegal activities, and protect our financial system from abuse.”

International Response

• The move is seen as a major step forward in Angola’s efforts to combat money laundering and terrorist financing.
• The country has been under pressure from the international community to improve its anti-money laundering regulations.
• A spokesperson for the Financial Action Task Force (FATF) stated, “Angola’s new laws demonstrate its commitment to implementing effective measures to prevent money laundering and terrorist financing. We will continue to monitor Angola’s progress in this area and provide technical assistance where necessary.”

Effective Date and Compliance

• The laws come into effect immediately.
• Financial institutions are expected to comply with the new regulations within the next six months.

These new laws mark a significant step forward in Angola’s efforts to combat money laundering and terrorist financing, demonstrating its commitment to implementing effective measures to prevent illegal activities.