Angola approved a law to tackle money laundering and the financing of terrorism, months after it was accused of not complying with international rules on the issues.
The bill, unanimously approved by parliament, aims to fill a gap in Angolan legislation on money laundering after the nation emerged from a 27-year civil war in 2002 to rival Nigeria as Africa’s biggest oil producer.
“The world today needs transparency in the financial and commercial transactions,” according to a copy of the text. The law carries prison sentences of up to 24 years for money laundering and terrorism financing.
The Paris-based Financial Action Task Force, which comprises governments and regional groups, named countries including Angola, North Korea and Ethiopia in February for not complying with international regulations on the two crimes.
Angola was ranked among the world’s 18 most corrupt nations in a 2009 Transparency International Index.
Pic: Angola President