Regulatory Alerts2019-10-24
Instruction No. 18/2019 of October 25 on Foreign Exchange Limits for Goods Imports
The National Bank of Angola, through Governor José de Lima Massano, issued Instruction No. 18/2019 to adjust foreign exchange limits and conditions for goods import payments, establishing specific caps of USD 50,000 for advance payments and USD 200,000 for documentary remittances while maintaining unlimited use for documentary collections and credits. The directive mandates Banking Financial Institutions to strictly enforce anti-money laundering and counter-terrorism financing requirements, verify import documentation within stipulated timelines (30 to 180 days), and report suspicious transactions to the Financial Intelligence Unit. It supersedes Instruction No. 9/18, imposes penalties for non-compliance with documentation deadlines, and takes effect upon publication.