Cape Verde: Anti money laundering law brings end to banking confidentiality

13 May 2009

Praia, Cape Verde, 13 May – The end of banking confidentiality and the creation of the Institute for Confiscation of Assets are the two biggest novelties in the new Cape Verdean Anti-Money Laundering Law, Cape Verde’s Attorney General said Monday in Praia.

Júlio Martins, who was giving a speech at the “New Legal Regime for the Prevention and Admonition of Money Laundering: Progression or Regression?” noted that the law, approved by Parliament in March, aimed to overcome obstacles faced in the current system by the authorities in combating money laundering.

According to Martins, the end of banking confidentiality is a “significant gain in the area of criminal repression,” which will help the authorities, not only in criminal ions, but also in preventing crimes related to money laundering.

The creation of the Institute for Confiscation of Assets is another important step in the new law, which is due to come into force on 27 May, the Attorney General said.

The new law will also bring in a few other innovations, such as widening the scope of prevention of crime related to money laundering and the obligation to identify and inspect customers.

The inspection and identification of customers will be carried out by financial institutions, and the Central Bank will be responsible for checking compliance with those duties. (macauhub)