Cape Verde Country Summary
Sanctions
Low Concern
FATF AML Deficient List
Low Concern
Terrorism
Medium Concern
Corruption
Low Concern
US State ML Assessment
High Concern
Criminal Markets (GI Index)
Medium Concern
EU Tax Blacklist
Low Concern
Offshore Finance Center
Low Concern
Please note that although the below Summary will give a general outline of the AML risks associated with the jurisdiction, if you are a Regulated entity then you may need to demonstrate that your Jurisdictional AML risk assessment has included a full assessment of the risk elements that have been identified as underpinning overall Country AML risk. To satisfy these requirements, we would recommend that you use our Subscription area.
If you would like a demo of our Subscription area, please reserve a day/time that suits you best using this link, or you may Contact Us for further information.
Anti Money Laundering
FATF Status
Cabo Verde is not on the FATF List of Countries that have been identified as having strategic AML deficiencies
Compliance with FATF Recommendations
The last Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Cabo Verde (Cape Verde) was undertaken in 2019. According to that Evaluation, Cabo Verde was deemed Compliant for 9 and Largely Compliant for 15 of the FATF 40 Recommendations. It was deemed Highly Effective for 0 and Substantially Effective for 0 of the Effectiveness & Technical Compliance ratings.
Sanctions
There are no international sanctions currently in force against this country
Criminality
Rating |
0 (bad) - 100 (good) |
|---|---|
| Transparency International Corruption Index | 62 |
| World Bank: Control of Corruption Percentile Rank | 81 |
Cabo Verde has demonstrated a strong commitment to combating corruption by ratifying the UN Convention against Corruption and improving its ranking in Transparency International's Corruption Perceptions Index, where it now ranks 30th out of 180 countries. The country's legal framework includes strict penalties for bribery and measures to ensure transparency in public procurement, while the establishment of the Corruption Prevention Council and involvement of various institutions highlight a comprehensive approach to tackling corruption. These efforts reflect Cabo Verde's dedication to aligning with international anti-corruption standards and enhancing its reputation in the global community.
Economy
Cape Verde's economy is heavily reliant on tourism, which, along with related industries, constitutes the largest segment of its economic activity. The government has implemented favorable policies to attract foreign direct investment, particularly in sectors like renewable energy and ICT, while also facing challenges such as high public debt and vulnerability to external economic fluctuations.
Cape Verde's investment climate is favorable, characterized by a stable political environment and government policies that promote foreign direct investment (FDI). The government offers a 'one-stop shop' service through Cabo Verde TradeInvest, providing assistance and incentives in key sectors such as renewable energy and tourism. Recent privatization efforts and a focus on sustainable development further enhance the country's appeal as an investment destination.
Buy Full Cape Verde Report
$125 one time payment
- Risk Analysis
- Corruption
- Economy
- Sanctions
- Narcotics
- Executive Summaries
- Investment Climates
- FATF Status
- Compliance
- Key Findings