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FATF Statement re AML Strategic Deficiencies:
Date: 16 February 2012
Despite São Tomé and Príncipe’s high-level political commitment
to work with the FATF and GIABA to address its strategic
AML/CFT deficiencies, São Tomé and Príncipe has not made
sufficient progress in implementing its action plan, and certain
strategic deficiencies remain. São Tomé and Príncipe should work
on addressing these deficiencies, including by: (1) adequately
criminalising money laundering and terrorist financing
(Recommendation 1 and Special Recommendation II); (2)
establishing a fully operational and effectively functioning
Financial Intelligence Unit (Recommendation 26); (3) ensuring
that financial institutions and DNFBPs are subject to adequate
AML/CFT regulation and supervision (Recommendations 23, 24
and 29); and (4) implementing effective, proportionate and
dissuasive sanctions in order to deal with natural or legal persons
that do not comply with the national AML/CFT requirements
(Recommendation 17). The FATF encourages São Tomé and
Príncipe to address its remaining deficiencies and continue the
process of implementing its action plan.
____________________________________________________
Sanctions:
None applicable
____________________________________________________
Offshore Jurisdiction Blacklists:
Information unavailable.
____________________________________________________
US State Department Money Laundering Report - 2010:
No report available.
US State Dept Narcotics Report 2011 (introduction):
No report available
US State Dept Trafficking in Persons Report 2011
(introduction):
No report available
____________________________________________________
US State Dept Terrorism Report 2009
Sao Tome and Principe has a lengthy coastline that remained
porous and vulnerable to terrorist activities, smuggling, human
trafficking, and other illegal activities. While there have been no
reports of terrorist activity, the country’s capacity to monitor and
disrupt terrorist threats was limited due to lack of resources, lack
of adequate equipment and infrastructure, and insufficient
administrative and financial capacity.
Despite the lack of resources and capabilities, Sao Tome and
Principe cooperated with the United States and other partners in
its efforts to counter terrorism. Working with the United States,
Sao Tome and Principe trained and equipped local security forces
in counterterrorism and maritime security to build institutional
capacity and knowledge. The government created regulatory and
management bodies in an effort to improve control of its border.
The Sao Tomean immigration service terminated or refused visas
of individuals suspected of money laundering, created a Maritime
and Port Security Institute, funded the establishment of a
Financial Intelligence Unit at the Central Bank, and supported the
establishment of a radar and tracking systems program with the
Sao Tomean Coast Guard.
____________________________________________________
Links:
Worldwide AML Legislation (International Bar Association)
Date: 16 February 2012
Despite São Tomé and Príncipe’s high-level political commitment
to work with the FATF and GIABA to address its strategic
AML/CFT deficiencies, São Tomé and Príncipe has not made
sufficient progress in implementing its action plan, and certain
strategic deficiencies remain. São Tomé and Príncipe should work
on addressing these deficiencies, including by: (1) adequately
criminalising money laundering and terrorist financing
(Recommendation 1 and Special Recommendation II); (2)
establishing a fully operational and effectively functioning
Financial Intelligence Unit (Recommendation 26); (3) ensuring
that financial institutions and DNFBPs are subject to adequate
AML/CFT regulation and supervision (Recommendations 23, 24
and 29); and (4) implementing effective, proportionate and
dissuasive sanctions in order to deal with natural or legal persons
that do not comply with the national AML/CFT requirements
(Recommendation 17). The FATF encourages São Tomé and
Príncipe to address its remaining deficiencies and continue the
process of implementing its action plan.
____________________________________________________
Sanctions:
None applicable
____________________________________________________
Offshore Jurisdiction Blacklists:
Information unavailable.
____________________________________________________
US State Department Money Laundering Report - 2010:
No report available.
US State Dept Narcotics Report 2011 (introduction):
No report available
US State Dept Trafficking in Persons Report 2011
(introduction):
No report available
____________________________________________________
US State Dept Terrorism Report 2009
Sao Tome and Principe has a lengthy coastline that remained
porous and vulnerable to terrorist activities, smuggling, human
trafficking, and other illegal activities. While there have been no
reports of terrorist activity, the country’s capacity to monitor and
disrupt terrorist threats was limited due to lack of resources, lack
of adequate equipment and infrastructure, and insufficient
administrative and financial capacity.
Despite the lack of resources and capabilities, Sao Tome and
Principe cooperated with the United States and other partners in
its efforts to counter terrorism. Working with the United States,
Sao Tome and Principe trained and equipped local security forces
in counterterrorism and maritime security to build institutional
capacity and knowledge. The government created regulatory and
management bodies in an effort to improve control of its border.
The Sao Tomean immigration service terminated or refused visas
of individuals suspected of money laundering, created a Maritime
and Port Security Institute, funded the establishment of a
Financial Intelligence Unit at the Central Bank, and supported the
establishment of a radar and tracking systems program with the
Sao Tomean Coast Guard.
____________________________________________________
Links:
Worldwide AML Legislation (International Bar Association)
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| Last Updated: 16 February 2012 |