Angola Country Summary

FATF Status

Angola is on the FATF List of Countries that have been identified as having strategic AML deficiencies

Compliance with FATF Recommendations

The latest follow-up Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Angola was undertaken in 2023. According to the Evaluation, Angola was deemed Compliant for 7 and Largely Compliant for 15 of the FATF 40 Recommendations. It was deemed Highly Effective for 0 and Substantially Effective for 0 with regard to the 11 areas of Effectiveness of its AML/CFT Regime.

Corruption in Angola continues to be a significant barrier to business and investment, despite recent legislative efforts aimed at combating it. The government's anti-corruption initiatives have led to some high-profile arrests and the establishment of legal frameworks; however, pervasive corruption within public institutions and the informal economy remains a challenge, compounded by economic issues such as low salaries and high inflation.

Criminal activities in Angola are diverse, with human trafficking, arms trafficking, and drug smuggling being prominent concerns. The government has made strides in addressing organized crime, yet law enforcement struggles with effective policing and judicial processes, while the lack of intellectual property protections fuels the trade in counterfeit goods.

Angola is actively working to enhance its investment climate, prioritizing reforms aimed at economic diversification, infrastructure modernization, and human capital development as outlined in its National Development Plan (2023-2027). Despite a projected economic growth of around 3 percent in 2024, driven mainly by domestic demand, the country faces significant macroeconomic challenges, including high inflation nearing 25 percent, a depreciated currency, and elevated interest rates above 20 percent, which could exacerbate unemployment amidst a growing population. While the government is making strides to attract foreign direct investment, particularly in non-oil sectors, concerns over corruption, a slow judicial system, and reliance on the oil sector for revenue continue to pose risks to potential investors.