Angola is a member of the FATF-Style Regional Body, Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG). For more information about the assessment of the implementation of anti-money laundering and counter-terrorist financing (AML/CFT) measures in Angola, please consult the ESAAMLG website.
The ESAAMLG Council of Ministers approved and adopted the Mutual Evaluation Report of the Republic of Angola in August, 2012. The report was prepared by the World Bank as part of the Financial Sector Assessment Program (FSAP) of Angola. It was fully discussed and adopted by the ESAAMLG Task Force of Senior Officials in April 2012 before its approval by the Council of Ministers in August 2012.
The report summarises the AML/CFT framework in the Republic of Angola and the commitment of the Government of the Republic of Angola to put in place a well-developed AML/CFT regime which is in compliance with the FATF standards.
The Republic of Angola has a civil law system. Law 34/11 is the main law which provides the AML/CFT legal framework in the Republic of Angola. Law 34/11 criminalises the offences of money laundering and terrorist financing, provides for confiscation of proceeds of crime, prescribes preventative measures applicable to accountable institutions (called subject entities) and their AML/CFT obligations. The Financial Intelligence Unit was established in 2011 under Decree 54/2011 issued by the central bank (BNA) while its powers and functions are contained in Presidential Decree 35/11. The Republic of Angola has not yet issued regulations/guidelines/notices to assist accountable institutions with implementation of Law 34/11.
The report also discusses the areas of deficiencies identified in the Republic of Angola’s AML/CFT framework. It further makes detailed recommendations on how the Republic of Angola can address these areas in order to strengthen its AML/CFT regime to meet international standards. The recommendations provide short and medium term measures which the Republic of Angola should take to address the deficiencies.