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Sanctions:
None applicable
____________________________________________________
Offshore Jurisdiction Blacklists:
As a recognised offshore finance jurisdiction this country may fall
under various country offshore jurisdiction blacklists.
____________________________________________________
US State Department Money Laundering Report - 2011:
As a small archipelago nation off the west coast of Africa, Cape
Verde is a not known as a regional financial center. Nevertheless,
given its location between Latin America and Africa, its significant
coastline, and a large shadow economy, Cape Verde remains
vulnerable to money laundering operations and terrorist financing.
At present, the vast majority of laundered proceeds come from
narcotics trafficking.
While the government of Cape Verde has demonstrated a strong
political commitment to combat both money laundering and
terrorist financing, more needs to be done to investigate and
prosecute cases in a timely, consistent manner. The main
government entities searching for money laundering and terrorist
financing are understaffed and could respond if Cape Verde were
to become a true destination for laundered or terrorist-related
funds.
DO FINANCIAL INSTITUTIONS ENGAGE IN CURRENCY
TRANSACTIONS RELATED TO INTERNATIONAL NARCOTICS
TRAFFICKING THAT INCLUDE SIGNIFICANT AMOUNTS OF US
CURRENCY; CURRENCY DERIVED FROM ILLEGAL SALES IN
THE U.S.; OR THAT OTHERWISE SIGNIFICANTLY AFFECT THE
U.S.: NO
CRIMINALIZATION OF MONEY LAUNDERING:
“All serious crimes” approach or “list” approach to predicate
crimes: All serious crimes
Legal persons covered: criminally: YES civilly: YES
CRIMINALIZATION OF TERRORIST FINANCING:
Ability to freeze terrorist assets without delay: NO
UN lists of designated terrorists or terrorist entities distributed to
financial institutions: YES
(Please refer to the Department of State’s Country Reports on
Terrorism, which can be found here: http://www.state.
gov/s/ct/rls/crt/)
KNOW-YOUR-CUSTOMER RULES:
Covered entities: Banks; money exchangers; accountants and
fiscal consultants; notaries; insurance companies; lawyers; real
estate or property brokers; dealers in precious metals, stones and
vehicles; gaming centers; and securities dealers
Enhanced due diligence procedures for PEPs: Foreign: NO
Domestic: NO
SUSPICIOUS TRANSACTION REPORTING REQUIREMENTS:
Covered entities: Banks; money exchangers; accountants and
fiscal consultants; notaries; insurance companies; lawyers; real
estate or property brokers; dealers in precious metals, stones and
vehicles; gaming centers; and securities dealers
Number of STRs received and time frame: 52 in an unknown
timeframe
Number of CTRs received and time frame: 0
MONEY LAUNDERING CRIMINAL
PROSECUTIONS/CONVICTIONS:
Prosecutions: 0
Convictions: 0
Assets forfeited: criminally: 0 civilly: Not applicable
RECORDS EXCHANGE MECHANISM:
With U.S.: YES
With other governments/jurisdictions: YES
Cape Verde is a member of the Intergovernmental Action Group
against Money Laundering in West Africa (GIABA), a Financial
Action Task Force-style regional body. Its most recent mutual
evaluation can be found at: www.giaba.org
ENFORCEMENT AND IMPLEMENTATION ISSUES AND
COMMENTS:
Limited resources hamper the government’s ability to enforce
AML regulations. The Financial Information Unit (FIU) lacks both
financial and human resources to support basic functioning. In
particular, the FIU has a restrictive budget, shared facilities, and a
part-time staff. Law enforcement and customs have little
experience with financial crimes enforcement. These constraints
limit Cape Verde's ability to respond to existing cases of money
laundering and to deter future use of local entities for laundering
purposes.
____________________________________________________
US State Dept Narcotics Report 2012 (introduction):
Cape Verde is an important transit country for narcotics headed
for Europe from South America by way of Africa. Narcotics enter
Cape Verde by commercial aircraft and maritime vessels,
including yachts. Cape Verde is not a significant producer of
narcotics. There is some illegal drug use in Cape Verde although
there are no reliable statistics on the number of people
consuming or the overall trends. Cape Verde has two separate
law enforcement agencies that fight narcotics trafficking: the
Judicial Police (PJ) and the National Police (PN). Cape Verde is
party to the 1988 UN Drug Convention.
For full report click here
____________________________________________________
US State Dept Trafficking in Persons Report 2011
(introduction):
No Report available
____________________________________________________
US State Dept Terrorism Report 2009
Cape Verdean authorities continued to prosecute a case against
Jean-Charles Mendes Da Silva, a French citizen and alleged
member of the Algerian terrorist organization, the Armed Islamic
Group.[1] On March 10, 2007, Cape Verdean police arrested Da
Silva on an Interpol warrant and unrelated forgery and weapons
charges. A Cape Verdean court convicted him of those crimes, as
well as of certain criminal offenses related to his activities in
France, but prosecutors declined to seek a conviction under Cape
Verde's counterterrorism laws. Moreover, Cape Verde refused the
French government's request to extradite Da Silva, because he
had claimed and obtained Cape Verdean citizenship prior to his
arrest.[2] At year’s end Da Silva was awaiting sentencing.
With respect to counterterrorism legislation, Cape Verdean law
specifically criminalizes terrorist activity, including the provision of
material assistance to terrorists. The code of criminal procedure
gives police wide authority to perform wiretaps and warrantless
searches in cases of suspected terrorism. Additionally, in
November Cape Verde's two major political parties informally
agreed to amend the Cape Verdean constitution in order to allow
nighttime searches and seizures in such circumstances.
Cape Verdean law enforcement has taken special measures to
prevent terrorists from entering the country. Immigration
authorities check names of visitors against a database of actual
and suspected terrorists, which includes data furnished by the U.
S. government. Cape Verde was in the process of obtaining
access to certain data from the FBI's Integrated Automated
Fingerprint Identification System, and also participated in the
Economic Community Of West African States Warning and
Response Network, an information sharing program addressing
security issues.
Links:
Worldwide AML Legislation (International Bar Association)
None applicable
____________________________________________________
Offshore Jurisdiction Blacklists:
As a recognised offshore finance jurisdiction this country may fall
under various country offshore jurisdiction blacklists.
____________________________________________________
US State Department Money Laundering Report - 2011:
As a small archipelago nation off the west coast of Africa, Cape
Verde is a not known as a regional financial center. Nevertheless,
given its location between Latin America and Africa, its significant
coastline, and a large shadow economy, Cape Verde remains
vulnerable to money laundering operations and terrorist financing.
At present, the vast majority of laundered proceeds come from
narcotics trafficking.
While the government of Cape Verde has demonstrated a strong
political commitment to combat both money laundering and
terrorist financing, more needs to be done to investigate and
prosecute cases in a timely, consistent manner. The main
government entities searching for money laundering and terrorist
financing are understaffed and could respond if Cape Verde were
to become a true destination for laundered or terrorist-related
funds.
DO FINANCIAL INSTITUTIONS ENGAGE IN CURRENCY
TRANSACTIONS RELATED TO INTERNATIONAL NARCOTICS
TRAFFICKING THAT INCLUDE SIGNIFICANT AMOUNTS OF US
CURRENCY; CURRENCY DERIVED FROM ILLEGAL SALES IN
THE U.S.; OR THAT OTHERWISE SIGNIFICANTLY AFFECT THE
U.S.: NO
CRIMINALIZATION OF MONEY LAUNDERING:
“All serious crimes” approach or “list” approach to predicate
crimes: All serious crimes
Legal persons covered: criminally: YES civilly: YES
CRIMINALIZATION OF TERRORIST FINANCING:
Ability to freeze terrorist assets without delay: NO
UN lists of designated terrorists or terrorist entities distributed to
financial institutions: YES
(Please refer to the Department of State’s Country Reports on
Terrorism, which can be found here: http://www.state.
gov/s/ct/rls/crt/)
KNOW-YOUR-CUSTOMER RULES:
Covered entities: Banks; money exchangers; accountants and
fiscal consultants; notaries; insurance companies; lawyers; real
estate or property brokers; dealers in precious metals, stones and
vehicles; gaming centers; and securities dealers
Enhanced due diligence procedures for PEPs: Foreign: NO
Domestic: NO
SUSPICIOUS TRANSACTION REPORTING REQUIREMENTS:
Covered entities: Banks; money exchangers; accountants and
fiscal consultants; notaries; insurance companies; lawyers; real
estate or property brokers; dealers in precious metals, stones and
vehicles; gaming centers; and securities dealers
Number of STRs received and time frame: 52 in an unknown
timeframe
Number of CTRs received and time frame: 0
MONEY LAUNDERING CRIMINAL
PROSECUTIONS/CONVICTIONS:
Prosecutions: 0
Convictions: 0
Assets forfeited: criminally: 0 civilly: Not applicable
RECORDS EXCHANGE MECHANISM:
With U.S.: YES
With other governments/jurisdictions: YES
Cape Verde is a member of the Intergovernmental Action Group
against Money Laundering in West Africa (GIABA), a Financial
Action Task Force-style regional body. Its most recent mutual
evaluation can be found at: www.giaba.org
ENFORCEMENT AND IMPLEMENTATION ISSUES AND
COMMENTS:
Limited resources hamper the government’s ability to enforce
AML regulations. The Financial Information Unit (FIU) lacks both
financial and human resources to support basic functioning. In
particular, the FIU has a restrictive budget, shared facilities, and a
part-time staff. Law enforcement and customs have little
experience with financial crimes enforcement. These constraints
limit Cape Verde's ability to respond to existing cases of money
laundering and to deter future use of local entities for laundering
purposes.
____________________________________________________
US State Dept Narcotics Report 2012 (introduction):
Cape Verde is an important transit country for narcotics headed
for Europe from South America by way of Africa. Narcotics enter
Cape Verde by commercial aircraft and maritime vessels,
including yachts. Cape Verde is not a significant producer of
narcotics. There is some illegal drug use in Cape Verde although
there are no reliable statistics on the number of people
consuming or the overall trends. Cape Verde has two separate
law enforcement agencies that fight narcotics trafficking: the
Judicial Police (PJ) and the National Police (PN). Cape Verde is
party to the 1988 UN Drug Convention.
For full report click here
____________________________________________________
US State Dept Trafficking in Persons Report 2011
(introduction):
No Report available
____________________________________________________
US State Dept Terrorism Report 2009
Cape Verdean authorities continued to prosecute a case against
Jean-Charles Mendes Da Silva, a French citizen and alleged
member of the Algerian terrorist organization, the Armed Islamic
Group.[1] On March 10, 2007, Cape Verdean police arrested Da
Silva on an Interpol warrant and unrelated forgery and weapons
charges. A Cape Verdean court convicted him of those crimes, as
well as of certain criminal offenses related to his activities in
France, but prosecutors declined to seek a conviction under Cape
Verde's counterterrorism laws. Moreover, Cape Verde refused the
French government's request to extradite Da Silva, because he
had claimed and obtained Cape Verdean citizenship prior to his
arrest.[2] At year’s end Da Silva was awaiting sentencing.
With respect to counterterrorism legislation, Cape Verdean law
specifically criminalizes terrorist activity, including the provision of
material assistance to terrorists. The code of criminal procedure
gives police wide authority to perform wiretaps and warrantless
searches in cases of suspected terrorism. Additionally, in
November Cape Verde's two major political parties informally
agreed to amend the Cape Verdean constitution in order to allow
nighttime searches and seizures in such circumstances.
Cape Verdean law enforcement has taken special measures to
prevent terrorists from entering the country. Immigration
authorities check names of visitors against a database of actual
and suspected terrorists, which includes data furnished by the U.
S. government. Cape Verde was in the process of obtaining
access to certain data from the FBI's Integrated Automated
Fingerprint Identification System, and also participated in the
Economic Community Of West African States Warning and
Response Network, an information sharing program addressing
security issues.
Links:
Worldwide AML Legislation (International Bar Association)
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*Please note that FATF deems that a country has significant aml deficiencies if any
of the 'Core' Recommendations, R1, R5, R10, R13, SRII, or SRIV are rated either
Partially of Non-Compliant. These are marked in red.
For FATF to remove a country from the regular follow-up process, it has to be rated
Compliant or Largely Compliant in the above mentioned Core Recommendations
and the following Key Recommendations: -
R3, R4, R23, R26, R35, R36, R40, SRI, SRIII, SRV
Please also note that any risk assessment should take into consideration all
follow-up reports.
of the 'Core' Recommendations, R1, R5, R10, R13, SRII, or SRIV are rated either
Partially of Non-Compliant. These are marked in red.
For FATF to remove a country from the regular follow-up process, it has to be rated
Compliant or Largely Compliant in the above mentioned Core Recommendations
and the following Key Recommendations: -
R3, R4, R23, R26, R35, R36, R40, SRI, SRIII, SRV
Please also note that any risk assessment should take into consideration all
follow-up reports.
| CAPE VERDE |
| KnowYourCountry |
|
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| Last Updated: 16 April 2012 |