Ver Angola

Banking and Insurance

Banks lead records of suspicious money laundering operations

The Angolan Financial Information Unit (FIU) announced that more than 98 percent of suspected money laundering operations in Angola are registered with banks, expressing concern about the lack of information from other entities.

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The information was transmitted by the director general of the FIU, Francisca de Brito, urging the other subject entities, such as insurance companies and casinos, to report "whenever they are faced with a suspected money laundering operation".

"Because we receive declarations of cash transactions and spontaneous declarations only from banks that report to the FIU more regularly about these operations", explained the official, during a debate on "Prevention of Money Laundering and Financing of Terrorism".

The institutional system for the prevention of money laundering and the financing of terrorism is composed of the Public Prosecutor's Office, supervisors and regulators, subject entities (banks, insurance, securities, games, exchange offices, real estate agencies), police bodies and civil society.

According to Francisca de Brito, the only speaker at the meeting, last week the FIU carried out an evaluation simulation with the International Monetary Fund (IMF) and questioned the lack of information from other subject entities.

In addition to statistics, the director-general of the FIU pointed to staff turnover, lack of staff, technical means, weak (non-financial) supervision, insufficient applicability of the law, number of investigations and convictions as weaknesses in actions of the institution.

Political support, legislation, the existence of a majority of relevant supervisors, and the existence of 'compliance off' were highlighted as strengths of the FIU.
A historical narrative of the 10 years of the FIU, marked on 15 February, was also presented at the meeting.

Francisca de Brito recalled that after years of being monitored by the FATF (International Financial Action Group), it was only in 2016 that Angola was removed from the list of non-cooperating countries because it does not have an efficient system for preventing money laundering and financing of the terrorism.

The national system of anti-money laundering and combating the financing of terrorism and the prevention of money laundering and the financing of terrorism were topics under discussion at this meeting, organized by Media Rumo, within the scope of "Conversations with Rumo".