Regulatory Alerts2018-11-28
Instruction No. 17/2018, of November 28
The National Bank of Angola issues this Instruction to establish operational rules and standardize procedures for the voluntary repatriation of financial resources under Law No. 9/18, requiring banking institutions to maintain dedicated foreign-currency sub-accounts and process authenticated tripartite declarations within five business days. It mandates holders to submit proof of ownership, beneficial status, and legal or administrative constraints for resources unable to be repatriated by December 26, 2018, while ensuring strict compliance with anti-money laundering obligations and a ten-year archival period. Violations trigger sanctions under the Basic Law of Financial Institutions, with interpretive disputes resolved by the Bank's Foreign Exchange Control Department.