Cape Verde: Anti money laundering law unanimously approved in parliament

4 March 2009

Praia, Cape Verde, 4 March – The draft law presented by the Cape Verdean Government, which establishes measures to prevent and reduce money laundering was unanimously approved Tuesday in the Cape Verdean parliament.

The three political parties represented at the National Assembly, Partido Africano da Independência de Cabo Verde (PAICV, 41 members), Movimento para a Democracia (MpD, 29) and União Cabo-Verdiana Independente e Democrática (UCID, 2) – were already in agreement when the proposal was approved.

The new law follows the financial scandal involving Portuguese bank, Banco Português de Negócios (BPN), with ramifications for Cape Verdean international financial institution Banco Insular (BI).

The Cape Verdean government said the law aimed to prevent any attempt to launder money in Cape Verde, via greater levels of inspection of off-shore banks, known as International Financial Institutions (IFI).

The IFI are designed to carry out international financial transactions with non-residents in Cape Verde and in foreign currency, and are exempt from the general regulator standards for the country’s Money, financial and exchange market.

Cape Verde has 11 banks that are authorised to carry out IFI transactions. (macauhub)