Directive No. 04-DCC-2019, of November 5

THE GOVERNOR
DIRECTIVE NO. 04/DCC/2019
ORIGIN: Foreign Exchange Control Department (DCC) DATE 05/11/2019 SUBJECT: Foreign Exchange Policy - Definition of "Foreign Exchange Arrears" Given the need to adjust the definition of Foreign Exchange Arrears and enable statistical monitoring of foreign exchange operations pending at Commercial Banks; The Foreign Exchange Control Department of the National Bank of Angola clarifies:

1. Foreign Exchange Arrears are defined as transfer instructions abroad awaiting foreign exchange coverage in the same Commercial Bank for more than 15 days, provided they meet the following additional requirements:
   a) All necessary supporting documents for their execution are in the Bank's possession; b) The customer has sufficient national currency available to purchase the foreign currency; c) The transfer instruction complies with anti-money laundering and counter-terrorism financing regulations.
2. For classification as Foreign Exchange Arrears, all private and commercial operations related to the import of goods, current invisibles, and capital transactions are included.
3. Commercial Banks must implement procedures to continuously identify operations classified as Foreign Exchange Arrears.

DIRECTIVE NO. 04/DCC/2019 Page 2 of 2
4. Directive No. 02/DCC/2019, dated May 14, is hereby revoked.
5. This Directive enters into force on the date of its publication.
Luanda, November 5, 2019.
FOREIGN EXCHANGE CONTROL DEPARTMENT
______________________________________________ Veloso Ndunguini Filipe Pedro -Director-