Regulatory Alerts2018-11-27
Instruction No. 17/2018, dated November 28: Repatriation of Financial Resources – Operational Rules
The National Bank of Angola issued Instruction No. 17/2018 to establish operational rules for the voluntary repatriation of financial resources under Law No. 9/18, requiring banking institutions to maintain foreign-currency sub-accounts and process repatriation declarations within five business days. The directive mandates that holders benefit from the extinguishment of fiscal and exchange obligations, alongside exemption from related criminal liabilities, provided they submit authenticated tripartite declarations and supporting documentation. Furthermore, it outlines verification procedures, capital laundering prevention measures, and a ten-year archival requirement, while granting the Exchange Control Department authority to resolve interpretative disputes and enforcing sanctions for non-compliance.