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Angola strengthens its fight against money laundering

The Angolan Parliament have approved in the end of 2019, a law that updates the fight against money laundering.

This new Law on the Prevention and Combat of Money Laundering, Financing of Terrorism and the Proliferation of Weapons of Mass Destruction replaces the previous law 34/11 of 12 December 2010. It was drafted with the help of the recommendations of the International Monetary Fund and the Financial Action Task Force.

With this new law, the Parliament is essentially seeking to inhibit payments by financial entities domiciled in offshore areas, linked to criminal organizations, and to prevent the creation of so-called "shell banks".

In fact, these Banks are estimated to be responsible for more than half of the capital movements of terrorist organizations, according to investigations provided by US and European criminal services.

In addition, the law also establishes, among other obligations, that the movement of capitals from one thousand dollars in commercial banks must be always reported.

To conclude, this is another important step in the fight against money laundering, it only remains to know what implementation will be given to this diploma and the use that can be achieved with it.