Luanda - The Angolan government on Friday reiterated its high-level commitment to the implementation of the FATF action plan to strengthen the National System for Preventing and Combating Money Laundering, Terrorist Financing and the Proliferation of Weapons of Mass Destruction.
A statement from the Ministry of Finance to which ANGOP had access said that the Plenary of the Financial Action Task Force (FATF) deliberated on Tuesday in Paris, France, to include Angola on the list of countries under enhanced monitoring.
This list includes countries that commit to swiftly addressing identified strategic deficiencies within the timeframes agreed with the FATF.
This decision, the note adds, follows the mutual evaluation process to which the country was subjected, in 2023, from which it was concluded that the National System for Preventing and Combating Money Laundering, Terrorist Financing and the Proliferation of Weapons of Mass Destruction (BCFTP) needed some adjustments for effective compliance with the 40 FATF Recommendations.
According to the above-mentioned process, Angola was subject to a one-year observation period, during which it was to resolve the 87 Recommended Actions.
During the observation period, the country made significant progress in amending and creating essential legal instruments for the national system for preventing and combating money laundering, terrorist financing and the proliferation of weapons of mass destruction.
The approval of the Penal Code, Law No. 5/20 of 27 January (on preventing and combating money laundering, terrorist financing and the proliferation of weapons of mass destruction), Law No. 19/17 of 25 August (on preventing and combating terrorism) and Law No. 13/15 of 19 June (on international judicial cooperation in criminal matters) are highlighted among the progresses.
Angola has also promoted changes to specific regulations in the various sectors (financial and non-financial) that contribute to the Angolan system for preventing and combating MLFTP and has made important progress in strengthening national cooperation and coordination, international cooperation and the use of financial information by the competent authorities.
Meanwhile, after the discussion of the post-Observation Period Progress Report, the FATF expertise body for Africa concluded that of the 87 recommended actions, Angola managed to address a total of 70 deficiencies, with 17 remaining unresolved.
'In this sense, the Government will make the necessary efforts for the timely and effective compliance with the Action Plan recommended by the Financial Action Task Force,' it reads. VC/DOJ
