Angola

New Documents

Transparency International Supports US Sanctions Against Former Angolan Officials

Transparency International congratulated the U.S. for imposing sanctions on Isabel dos Santos, Angola’s former chair of its state-owned oil company Sonangol, and on two other former government officials for corrupt acts and misappropriating public funds.

December 16, 2021

Angola Fines Over 100 Financial Institutions for AML, Foreign Exchange Breaches (in Portuguese)

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.

March 25, 2020

NCA, Angolan Officials Meet to Discuss Anti-Corruption Cooperation

April 23, 2019

Swiss, Angolan Officials Meet on Corruption Cooperation, Money Laundering Mutual Assistance

July 13, 2018

ESAAMLG Publishes Post Evaluation Progress Report on Angola

October 27, 2017

News

Midweek Roundup: FinCEN Issues COVID-19 Loan Advisory, Small Banks Seek Beneficial Ownership Relief amid Pandemic, and More

Judge dismisses Covid-19 suit against Bank of America, Westpac expects $600 million AML fine, and more, in the midweek roundup.

April 15, 2020

Midweek Roundup: Fed Pauses Exams amid COVID-19 Pandemic, Audit Details Swedbank AML Breaches, and More

Swedbank penalizes ex-CEO for poor AML oversight, Yes Bank owner funneled bribes through nearly 100 firms, and more, in the midweek roundup.

March 25, 2020

Weekly Roundup: OCC Knocks Bank for Lax Cryptocurrency Controls, FATF Renews Embargo Against Iran, and More

February 24, 2020

Midweek Roundup: White House Proposes Returning Secret Service to Treasury, Withdraws Nomination, and More

February 12, 2020

Weekly Roundup: OCC Penalizes Wells Fargo Executives, Austria Declines to Investigate Raiffeisen Bank, and More

January 24, 2020

Enforcement Actions

0 Items Found

Key Documents

Angola Requires CDD, Recordkeeping Procedures for Banks

December 6, 2011

Angola Outlines Responsibilities of FIU (in Portuguese)

February 15, 2011

Angola Issues Asset Freezing Procedures for Designated Entities (in Portuguese)

July 24, 2012

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 : 142/180
Score : 27/100

Tax Justice Network i

Rank : 35/133
Score : 80/100