Regulatory Alerts2023-10-27
Notice No. 11/2023 on Exchange Rate Policy
The Bank of Angola, through Notice No. 11/2023 issued by Governor Manuel António Tiago Dias, amends Article 5, Point 3 of Notice No. 02/20 to exempt accredited embassies, diplomatic, and consular missions in Angola from licensing for current invisible exchange operations ordered by legal entities. Banking financial institutions must ensure that transferred funds originate from the missions' home countries or derive from Angolan consular services, verify operational compliance and proper execution, and record settlements according to existing regulations. Failure to comply triggers sanctions under the Exchange Rate Law and Financial Institutions Regime, with all interpretative doubts and omissions resolved by the Bank of Angola.
Published in the Official Gazette of the Republic, I Series, No. 205, on October 27 NOTICE NO. 11/2023 SUBJECT: EXCHANGE RATE POLICY
- Amendment of the Wording of Point 3 of Article 5 of Notice No. 02/20, dated January 9 Considering the provisions of Article 3 of Decree No. 21/98, dated July 24, and the need to update the regulation to simplify procedures related to transfers by Embassies, Diplomatic and Consular Missions accredited in Angola when executing Current Invisible Exchange Operations ordered by Legal Entities. In these terms, under the combined provisions of paragraph 2 of Article 28 of Law No. 5/97, dated July 27 - Exchange Rate Law, and Article 40 of Law No. 24/21, dated October 18, Bank of Angola Law IT IS DETERMINED: Article 1. (Amendment of the Wording of Point 3 of Article 5 of Notice No. 02/20, dated April 9) Point 3 of Article 5 of Notice No. 02/20, dated April 9, on the Rules and Procedures for Carrying Out Current Invisible Exchange Operations by Legal Entities of the Bank of Angola, is amended to read as follows: “Article 5. (Exemption from Licensing)”
- Transfers by Embassies, Diplomatic and Consular Missions accredited in Angola are exempt from licensing by the
CONTINUATION OF NOTICE NO. 11/2023 Page 2 of 2 Bank of Angola provided that Banking Financial Institutions ensure the following: a) That the funds to be transferred originate from the country of origin or are revenues from emoluments and consular services provided in Angola; b) That the operations comply with all requirements necessary for their execution and assume responsibility for their proper execution; c) That the operations are recorded and settled in accordance with the provisions of Notice No. 02/20, dated April 9. Article 2. (Sanctions) Failure to comply with the provisions of this Notice constitutes an offense provided for and punishable, under Law No. 05/97, dated June 27 - Exchange Rate Law, combined with Law No. 14/21, dated May 19, General Regime of Financial Institutions Law. Article 3. (Doubts and Omissions) Doubts and omissions resulting from the interpretation and application of this Notice are resolved by the Bank of Angola. Article 4. (Entry into Force) This Notice enters into force on the date of its publication. PUBLISHED. Luanda, October 23, 2023. THE GOVERNOR MANUEL ANTÓNIO TIAGO DIAS