The three political parties present at the National Assembly in Praia, Partido Africano da Independência de Cabo Verde (PAICV), Movimento para a Democracia (MpD) and União Cabo-Verdiana Independente e Democrática (UCID) unanimously approved the new law, which aims to prevent laundering money in Cape Verde.

This new law follows swiftly the financial scandal involving Portuguese bank, BPN and Cape Verdean financial institution Banco Insular, by far better monitoring of offshore banks or IFIs (International Financial Institutions).

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

(Source: macauhub)