Sao Tome, Feb. 6, 2025 (Lusa) – The International Bank of Sao Tome and Principe (BISTP) has "strongly and categorically refuted the unfounded allegations" made on a Portuguese TV channel suggesting that it is involved "in financial money laundering schemes" by Russian entities.
"There is no record of any acquisition of a shareholding in BISTP by Russian entities, either directly or through third parties, nor any indication of financial operations aimed at evading international sanctions," BISTP said in a statement posted on Facebook on Wednesday evening.
In the statement it "reiterates its commitment to transparency, ethics and integrity, pillars that have always guided its activities".
At issue are statements made by SIC TV commentator José Milhazes during the ‘Cold War’ comment slot on Tuesday, in which he said that "in a very discreet way São Tomé and Príncipe is becoming a place for Russian money laundering".
José Milhazes referred to information published on Telegram by Russian pages that he considered "very well informed".
The commentator said that the Russian banks VTB and GazpromBank are using two banks in São Tomé - Banco Internacional de São Tomé e Príncipe (BISTP) and Banco Equador -, buying shares, through trusted people and senior executives, "to evade European sanctions on Russia allowing them to hide the real presence of Russian banks in São Tomé".
"There are a whole series of intermediaries, who earn big commissions, big commissions [...] it's mainly the heads of the banks, the managers of the banks who are earning from this scheme and not the banks themselves," said the commentator, arguing that “the European Union must pay attention to this and other violations that are daily denounced by the international press”.
"BISTP categorically repudiates the dissemination of false and irresponsible information, which damages its reputation and the trust of its clients and partners," reads the BISTP statement.
The institution added that it "will take all necessary measures to protect its image and good name in order to ensure that the truth prevails".
In the statement, BISTP emphasises that "it is the largest and most solid financial institution in São Tomé and Príncipe and has a long history of trust, solidity and security, being a fundamental pillar of the economy and the financial system in São Tomé and Príncipe".
The financial institution states that it "operates in full compliance with international and local financial regulation standards, strictly following the guidelines of the Financial Action Task Force (FATF/GAFI), as well as the regulations of the Central Bank of São Tomé and Príncipe".
It also adds that it "acts actively and determinedly in the fight against money laundering and terrorist financing, ensuring that its operations and transactions are properly scrutinised and aligned with the best practices in the banking sector".
The bank emphasises that it "has a stable shareholder structure", with the majority of its capital fully owned by the São Tomé state with 48%, Portugal's state-owned Caixa Geral de Depósitos bank with 27% and Banco Angolano de Investimentos with 25%.
The São Toméan government, through the minister of the economy and finance, on Wednesday dismissed evidence of Russian money laundering through banks in the archipelago, and asked the public prosecutor's office and the judicial police in São Tomé and Portugal to investigate the matter.
Gareth Guadalupe said that São Tomé and Príncipe has a law in force against money laundering and terrorist financing, ‘which is still up to date for what these types of actions are today’.
‘We are going to do our homework and hopefully this information will be clarified more quickly because we want to continue to maintain our reputation as a country of financial stability, as a country of integrity, as a country of transparency in the financial system," emphasised Gareth Guadalupe.
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