Angola Unanimously Approves Amendments to Anti-Money Laundering Law

The Angolan National Assembly has unanimously approved amendments to the Law on Prevention and Combating of Money Laundering, Financing of Terrorism, and Proliferation of Weapons of Mass Destruction. The revised legislation aims to align Angola's financial system with international standards set by the Financial Action Task Force (FATF) and to combat the use of shell companies for illicit activities.

Legislative Details

The amendments were passed with 162 votes in favor, with no votes against or abstentions. The ruling MPLA party emphasized that Angola will not serve as a safe haven for individuals profiting from such crimes. The revised law introduces stricter controls and enhances the autonomy of the Financial Intelligence Unit (FIU) to effectively monitor and prevent financial crimes.

Opposition's Perspective

During parliamentary debates, UNITA deputy Ernesto Kassongo called for greater rigor, transparency, and efficiency from state institutions in implementing the law, ensuring that fundamental freedoms are not compromised.

Implications for Angola

This legislative move is part of Angola's broader efforts to exit the FATF's 'grey list' by addressing deficiencies in its anti-money laundering framework. The amendments are expected to bolster investor confidence and demonstrate Angola's commitment to financial integrity and international cooperation.