New anti-money laundering laws for Cape Verde

Archipelago responds to Portuguese Bank of Business scandal

A new law relating to the prevention of money laundering was provisionally approved by the Cape Verdean government yesterday (March 3rd), Macau Hub reports.

Illegal financial activity in the Cape Verde was brought into focus recently with the Portuguese Bank of Business scandal, which affected the archipelago's Banco Insular.

As a result, all three political parties - Partido Africano da Independencia de Cabo Verde, Movimento para a Democracia and Uniao Cabo-Verdiana Independente e Democratica - crystallised their support for the legislation in parliament.

The changes will attempt to stop any further instances of money laundering in Cape Verde, while also heightening inspections of off-shore banks and their activities.

At present, these institutions undertake international transactions with non-residents in the country but do not fall under the remit of the general regulator standards for financial and exchange markets.

The £625 million scandal resulted in the nationalisation of the Portuguese Bank of Business and the suspension of its licence with Banco Insular.

This article was brought to you by Sambala Developments: the developer for Cape Verde property

This article has been brought to you be Sambala; the developer for Cape Verde Property.

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