Cape Verde Country Summary
Sanctions
Lower Concern
FATF AML Deficient List
Lower Concern
Terrorism
Medium Concern
Corruption
Lower Concern
US State ML Assessment
Higher Concern
Criminal Markets (GI Index)
Medium Concern
EU Tax Blacklist
Lower Concern
Offshore Finance Center
Lower Concern
Please note that although the below Summary will give a general outline of the AML risks associated with the jurisdiction, if you are a Regulated entity then you may need to demonstrate that your Jurisdictional AML risk assessment has included a full assessment of the risk elements that have been identified as underpinning overall Country AML risk. To satisfy these requirements, we would recommend that you use our Subscription area.
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Anti Money Laundering
FATF Status
Cabo Verde is not on the FATF List of Countries that have been identified as having strategic AML deficiencies
Compliance with FATF Recommendations
The last Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Cabo Verde (Cape Verde) was undertaken in 2019. According to that Evaluation, Cabo Verde was deemed Compliant for 9 and Largely Compliant for 15 of the FATF 40 Recommendations. It was deemed Highly Effective for 0 and Substantially Effective for 0 of the Effectiveness & Technical Compliance ratings.
Sanctions
There are no international sanctions currently in force against this country
Criminality
Rating |
0 (bad) - 100 (good) |
|---|---|
| Transparency International Corruption Index | 62 |
| World Bank: Control of Corruption Percentile Rank | 81 |
Cabo Verde has demonstrated a commitment to combating corruption by ratifying the UN Convention against Corruption and improving its ranking in Transparency International's Corruption Perceptions Index. The country has established a legal framework that criminalizes bribery and mandates transparency in public procurement, while the creation of the Corruption Prevention Council and involvement of various institutions signify a comprehensive approach to tackling corruption. However, Cabo Verde faces challenges with organized crime, including drug trafficking and human trafficking, which exploit its geographic position, despite having a stable political environment and improving governance.
Economy
Cape Verde's economy is heavily reliant on tourism, which, along with related industries, constitutes the largest segment of its economic activity. The government has implemented favorable policies to attract foreign direct investment, particularly in sectors like renewable energy and ICT, while also facing challenges such as high public debt and vulnerability to external economic fluctuations.
Cape Verde's investment climate is favorable, characterized by a stable political environment and government policies that promote foreign direct investment (FDI). The government offers a 'one-stop shop' service through Cabo Verde TradeInvest, providing assistance and incentives in key sectors such as renewable energy and tourism. Recent privatization efforts and a focus on sustainable development further enhance the country's appeal as an investment destination.
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- Risk Analysis
- Corruption
- Economy
- Sanctions
- Narcotics
- Executive Summaries
- Investment Climates
- FATF Status
- Compliance
- Key Findings