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Angola complies with anti-money laundering recommendation

Angola has corrected the deficiency regarding the special recommendation on Non-Governmental Organizations, the last of the 35 that had been identified in the evaluation to which the country was submitted in 2012, ANGOP learned on Friday.

According to a note from the Financial Information Unit, which reached ANGOP last Friday , it is a deliberation of the 35th Plenary Meeting of Senior Experts of the Anti-Money Laundering and Terrorist Financing Group for Eastern and Southern Africa (ESAAMLG), held from 8 to13  April  in Arusha, Tanzania.

The evaluation report, after being scrutinized by the experts, was submitted to the plenary, which decided to “leave Angola out of the regular monitoring and evaluation process of ESAAMLG, for having successfully completed its action plan.”

Thus, Angola will no longer submit evaluation reports until 2021, at which point it will be submitted to the new Mutual Assessment, in accordance with the new Financial Action Task Force on Money Laundering (FATF) and its methodology.

The experts encouraged the country to continue the process of implementing and strengthening measures to prevent and combat money laundering and terrorist financing.

The plenary congratulated Angola for being the first country in the region to carry out the risk assessment on Non-Governmental Organizations regarding the financing of terrorism. For this meeting, the country submitted to the ESAAMLG the Evaluation Report on the prevention and combating of money laundering and terrorist financing.

To this end, Angola has already started to prepare the National Risk Assessment exercise, which is the first of the new FATF recommendations.

Thereafter, other measures, including legislative and institutional adequacy, will follow.

Angola attended the event with a delegation chaired by the Financial Information Unit and comprised by representatives of the Ministry of Finance, the National Reserve Bank of Angola (BNA), Insurance Regulatory and Supervision Agency, General Tax Administration, Criminal Investigation Service, National Public Procurement Service and Institute of Gambling Supervision.

Source: Angop

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