Sao Tomé e Príncipe has been removed from the list of countries where money laundering is considered easy, according to a decision by the Financial Action Task Force (FATF), which met at a plenary session in Paris from 14 to 18 October.
Announcing the news, Sao Tome’s Minister for Planning and Finance, Hélio D’ Almeida, said that the country should be “congratulated” but warned that it would be necessary to work to ensure that the archipelago does not go back on the black list.
With the support of the World Bank and the International Monetary Fund (IMF), Sao Tome and Principe introduced new legislation on money laundering to reduce capital entering the country’s banks as a result of drug trafficking and to fund terrorism.
In a statement issued Friday, FATF said that, given the tiny size of the archipelago’s financial system the country had been removed from the black list, although the system still had deficiencies.
The Financial Action Task Force is an inter-governmental organisation set up in 1989 to create standards to combat money laundering, financing terrorism and other threats to the international financial system. (macauhub)