Risk Management

In December 2024, Angola stealthily entered into a US$1 billion one-year derivative contract known as a ‘total return swap’ with JP Morgan Securities Plc (“JPM”). The transaction was concluded at a time when Angola’s public debt was approaching 60% of GDP, intensifying scrutiny of non-traditional financing instruments that can generate hidden or contingent liabilities. Uniquely, this agreement unfolded without the usual spectacle of a traditional sovereign financing deal. There was no bond roadshow, no parliamentary debate, and scarcely any press fanfare following the event. This absence of public process meant that neither parliamentary scrutiny nor advance disclosure of potential contingent liabilities accompanied the transaction.

On 24 October 2025, the Financial Action Task Force (FATF) removed South Africa from its grey list of “Jurisdictions under Increased Monitoring,” marking the end of 32 months of enhanced scrutiny. This delisting marks a significant milestone in South Africa's efforts to strengthen its anti-money laundering and counter-terrorism financing (AML/CFT) framework. Still, it also signals the start of a new phase that will require sustained commitment to financial integrity.