My dad always told me that you can always tell the baddies in Cowboy films because they always wore a black hat. And so it was in Leone's film, with the character of Angel Eyes, brilliantly played by the late, great Lee Van Cleef.
In the trailer that was released for the American market, the narrative has Angel Eyes described as "The Ugly" but this was due to an error, in that the Italian title of the film actually translates as "The Good, The Ugly and The Bad" but this wasn't picked up in the translation.
According to the IMDb trivia page for the film apparently Charles Bronson was considered for the part of Angel Eyes (and Tuco for that matter) but turned them both down. To be honest, though, I don't think anyone could have matched Van Cleef's performance in the role.
The figure by Aritzan Designs has too full a moustache for the Angel Eyes character and the jaw a wee bit too square, Van Cleef had quite an angular face. Also, I don't remember him wearing a neck scarf but hopefully the figure is close enough to be recognised.
Next post, the character who stole every scene that he was in - il Brutto.