Cape Verde (Cabo Verde)

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During the seventh political dialogue meeting held at ministerial level between Cape Verde and the European Union in Luxembourg on Oct. 13, 2015 representatives for both countries discussed security and stability in Cape Verde and highlighted money laundering as a priority area for cooperation.

The Inter-Governmental Action Group against Money Laundering in West Africa will hold a three-day workshop in Cape Verde to assist the jurisdiction with the development of its national anti-money laundering and counterterrorist financing strategy.

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Important Facts

  • The U.S. State Department lists Cape Verde as a major money laundering jurisdiction. Much of its economy is in the informal sector, creating a lack of transparency and contributing to money laundering vulnerabilities. The biggest money laundering risk in country is from narcotics trafficking, largely due to its location at the Atlantic crossroads, along major trade routes. It also has a limited capacity to patrol its large maritime borders. Public corruption is generally limited and is unlikely to contribute to money laundering in Cape Verde. Counterfeiting and intellectual property theft remain prominent issues and prosecutors seldom pursue criminal charges. Implementation and enforcement of the laws remain weak, with only 23 anti-money laundering cases processed in the 2017-2018 judicial year.
Source: 2020 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 9 High : 0
Largely Compliant : 15 Substantial : 0
Partially Compliant : 16 Moderate : 0
Non-Compliant : 0 Low : 11

BASEL i

Rank : 11/125
Score : 7.01/10

TRANSPARENCY INTERNATIONAL i

Rank : 41/180
Score : 58/100

Tax Justice Network i

Rank : 38/176
Score : 59/100