Supreme Court and Financial Information Unit Join Forces to Combat Money Laundering

On May 30, 2024, the Supreme Court (TS) and the Financial Information Unit (UIF) signed a Cooperation and Technical Assistance Protocol in Luanda, aimed at preventing and combating money laundering and terrorist financing.

The protocol is designed to enhance the exchange of information between the two entities, thereby strengthening the system for combating and preventing financial crimes. The UIF will gain access to a comprehensive set of data to bolster case statistics and support convictions in ongoing trials.

Gilberto Capeça, General Director of the UIF, emphasized the importance of this collaboration: 'Within the scope of this system, we need and must exchange information, fundamentally with law enforcement bodies – and the Supreme Court is a law enforcement body –, therefore, this protocol is relevant, because it will allow whenever the UIF needs some information or the Supreme Court itself also needs it, we have an instrument that allows us to do so.'

Angola has made strides in combating terrorism, with no reported cases of terrorist financing according to the National Risk Assessment (ANR) conducted from 2017 to 2019. However, money laundering remains an issue, often linked to underlying crimes such as corruption and drug trafficking.

Why this matters: The cooperation between the Supreme Court and the Financial Information Unit is a vital step in combating financial crimes, which have far-reaching consequences for the economy and society as a whole. Effective prevention and prosecution of money laundering and terrorist financing can help to reduce corruption, promote economic stability, and protect citizens from harm.

The UIF has previously established similar protocols with other key institutions, including the Attorney General's Office, the Criminal Investigation Service, and the General Tax Administration. These agreements aim to create a robust network for information sharing and coordinated efforts against financial crimes.

Capeça highlighted the success in preventing terrorist financing: 'We are fine, we have no cases of terrorist financing in Angola.' He also underlined the importance of preventing money laundering: 'Preventing cases of money laundering from occurring, because where there is money laundering it is because there was some illicit financial flow, someone was harmed.'

This new protocol between the Supreme Court and the UIF marks another step in Angola's ongoing efforts to combat financial crimes. By facilitating better information exchange and cooperation, the country aims to reduce the prevalence of money laundering and ensure that financial criminals are brought to justice.

Key Takeaways

• Angola's Supreme Court and UIF signed a protocol to combat money laundering and terrorist financing.
• The protocol enhances information exchange between the two entities to strengthen the system.
• Angola has made progress in combating terrorism, but money laundering remains an issue.
• The UIF has established similar protocols with other institutions to create a robust network.
• The cooperation aims to reduce corruption, promote economic stability, and protect citizens.