Angola

New Documents

The National Bank of Angola fined 158 financial institutions from July to Dec. 2019 a total of around $800,0000 for various breaches, including anti-money laundering failures, non-compliance with foreign exchange rules and poor liquidity.

The United Kingdom’s National Crime Agency highlighted a recent visit with the Attorney General of Angola during which the authorities discussed ongoing cooperation related to anti-corruption efforts.

Enforcement Actions

0 Items Found


Important Facts

  • The U.S. State Department labels Angola as a jurisdiction of concern. Angola is not a regional financial center. It does not produce large quantities of narcotics but acts as a transit point for drug trafficking, particularly for drugs brought in from Brazil and South America destined for Europe. It is also becoming a destination point for illicit drugs. Angola’s borders are porous and vulnerable to general smuggling and trafficking in small arms, diamonds, humans and motor vehicles. Angola has a high rate of U.S. dollar cash flow, though the government is implementing financial policies to decrease the use of currencies other than the Angolan kwanza. The laundering of funds derived from widespread corruption is a concern.
  • KYC Covered Entities: Commercial and investment banks, microfinance institutions, financial groups, insurers, stock markets, casinos, lotteries, dealers in precious stones and metals, high-value goods merchants, currency exchange and remittance companies, paycheck issuers and managers, pension fund managers, individual and collective estate management groups, accountants, auditors, notaries, registrars, attorneys, solicitors, and other independent legal professionals
  • STR Covered Entities:  Commercial and investment banks, microfinance institutions, financial groups, insurers, pension fund managers, casinos, lotteries, dealers in precious stones and metals, high-value goods merchants, currency exchange and remittance companies, paycheck issuers and managers, individual and collective estate management groups, accountants, auditors, notaries, registrars, attorneys, solicitors, and other independent legal professionals
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: No
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 0 (2015); Convictions: 0 (2015)
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical Effectiveness
Compliant : 3 High :
Largely Compliant : 9 Substantial :
Partially Compliant : 19 Moderate :
Non-Compliant : 17 Low :
Not-Applicable : 1

BASEL i

Rank : 13/141
Score : 7.02/10

TRANSPARENCY INTERNATIONAL i

Rank : 146/180
Score : 26/100

Tax Justice Network i

Rank : 35/133
Score : 80/100