Angola is taking decisive steps to strengthen its financial oversight and align with international best practices, as the National Bank of Angola (BNA) announced the successful conclusion of its evaluation of the national system for combating money laundering and terrorism financing.
This evaluation, conducted by the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), acknowledged the effectiveness of the BNA’s supervisory model and forms part of a broader regional initiative under the Financial Action Task Force (FATF) framework.
Looking ahead, Angola is preparing to undertake a Financial System Assessment Program (FSAP) in partnership with the International Monetary Fund (IMF) and the World Bank. This comprehensive evaluation will focus on identifying systemic vulnerabilities and formulating an action plan to fortify and modernise Angola’s financial infrastructure.
In its 2024 supervisory activities, the BNA carried out 15 inspections of banking institutions—both scheduled and unscheduled—and four inspections of non-banking financial entities. These assessments revealed persistent weaknesses, including incomplete customer identification processes, manual risk classification, deficiencies in transaction monitoring, and backlogs in control alert resolutions. Corrective actions were initiated, with five institutions having already implemented their remedial plans, while 23 others are progressing under regulatory deadlines.
Despite these reforms, Angola was added to the FATF “grey list” in October 2024, highlighting the urgency of continued progress. Grey-listing imposes enhanced monitoring and can hinder international financing, foreign investment, and transaction efficiency.
In response, Angola has completed several critical reforms, including national risk assessments, improved regulatory frameworks, the issuance of technical guidelines, and the deployment of risk-based supervision tools. With the backing of the IMF and the World Bank, Angola aims to restore investor confidence and solidify its commitment to financial transparency and resilience.
Further Africa
