Instruction No. 17/2018, dated November 28: Repatriation of Financial Resources – Operational Rules

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INSTRUCTION NO. 17/2018 of November 28
SUBJECT: REPATRIATION OF FINANCIAL RESOURCES

• Operational Rules
  Considering the provisions of Article 5 of Law No. 9/18, dated June 26 – the Law on Repatriation of Financial Resources, the repatriation of financial resources domiciled abroad is processed through Banking Financial Institutions domiciled within national territory; Given the need to establish the procedures to be observed in said repatriation process; In exercise of the competence attributed to me by the combined provisions of item f) of Article 21 and No. 1 of Article 40, both of Law No. 16/10, dated July 15, the Law on the National Bank of Angola, and No. 2 of Article 28 of Law No. 5/97, dated June 27, the Exchange Law. I HEREBY DETERMINE:

1. Object
   This Instruction aims to regulate and standardize the procedure to be observed in voluntary repatriation processes of financial resources provided for in Law No. 9/18, dated June 26, the Law on Repatriation of Financial Resources.
2. Scope
   This Instruction applies to:

CONTINUATION OF INSTRUCTION NO. 17/2018 2 of 11 a) Banking Financial Institutions, domiciled within national territory; b) Holders of financial resources domiciled abroad who wish to repatriate them under Law No. 9/18, dated June 26, and benefit from the effects provided for in Article 8 of said law, namely (i) the extinguishment of any fiscal and exchange obligations, as well as (ii) the exclusion of all responsibility for any potential fiscal, exchange, and criminal infractions provided they are connected to said resources.
3. Repatriation Account
3.1 To apply the provisions of No. 1 of Article 6 of Law No. 9/18, dated June 26, Banking Financial Institutions must establish an autonomous nature within their customer account structure for repatriated resources, and these sub-accounts must be denominated in foreign currency;
3.2 Repatriated resources must only be deposited in the sub-accounts referred to in the preceding point.
4. Movement of the Repatriation Account
4.1 The sub-accounts referred to in number 3 must be operated exclusively as defined in the applicable legislation and regulations.
4.2 Banking Financial Institutions must configure movement restrictions in said accounts to ensure compliance with the preceding number.
5. Compliance with General Obligations under Law No. 34/11, dated December 12
Banking Financial Institutions that receive financial resources repatriated under Law No. 9/18, dated June 26, must ensure compliance with the obligations provided for in Chapter II of Law No. 34/11, and keep archived the evidence of due diligence performed.

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6. Declaration of Repatriation of Financial Resources
6.1 Upon transfer of the repatriated resources, Banking Financial Institutions must obtain from their holder or have their legal representative complete and sign the “Declaration of Repatriation of Financial Resources”, hereinafter referred to as the “Declaration”, in the model set out in Annex I to this Instruction, which forms an integral part thereof.
6.2 The Declaration must be completed and presented in three copies to the Banking Financial Institution receiving the repatriated resources, with one copy destined for the National Bank of Angola, another to the intervening Banking Financial Institution, and the third copy delivered to the holder/representative of the declared resources; all copies must be authenticated by the intervening Banking Financial Institution upon receipt of the repatriated resources.
7. Submission of Documentation/Information
7.1 For control and statistical registration purposes, Banking Financial Institutions must submit to the National Bank of Angola the documentation referred to in numbers 6 of this Instruction, within 5 (five) business days after the legal deadline for receiving voluntarily repatriated financial resources.
7.2 The original Declaration, accompanied by a copy of the documents referred to in number 8 of this Instruction, must be sent by sealed registered mail with receipt acknowledgment to the National Bank of Angola at the following address:
National Bank of Angola
Exchange Control Department
4 de Fevereiro Avenue No. 151 – Luanda, Angola

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7.3 Notwithstanding the submission provided in the preceding number, Banking Financial Institutions must keep on file the records and supporting documents of operations performed for a minimum period of 10 (ten) years, establishing procedures to ensure compliance with the confidentiality duty established in Law No. 9/18, dated June 26.
8. Impossibility of Immediate Repatriation
In cases where, due to legal or administrative impossibility, voluntary repatriation cannot be completed by December 26, 2018, resource holders must, by said date, submit directly to the National Bank of Angola:
i. Proof of existence of the resources they wish to repatriate;
ii. Proof of ownership or that they are the beneficial owner of the resources in question;
iii. Document issued by the Banking Financial Institution or another legal entity with competence for the purpose, as applicable, where said resources are domiciled, confirming and justifying the impossibility of repatriation as well as indicating the duration period foreseen for said impossibility.
9. Procedures Guide
As an integral part of this Instruction, the document designated as "Procedures Guide", of operational nature, is made available in Annex II, to be adopted upon receipt of repatriated funds, which outlines the main procedures to be observed by Banking Financial Institutions in the reception and validation process of financial resource repatriation.
10. Sanctions
Violation of the provisions established in this Instruction constitutes an infraction provided for and punishable under Law No. 12/2015, dated June 17, the Framework Law on Financial Institutions.

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11. Doubts and Omissions
Doubts and omissions resulting from the interpretation and application of this Instruction are resolved by the Exchange Control Department of the National Bank of Angola.
12. Entry into Force
This Instruction enters into force on the date of its publication.
PUBLISHED.
Luanda, November 28, 2018.

THE GOVERNOR
JOSÉ DE LIMA MASSANO

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ANNEX I
Voluntary Repatriation Declaration
1 Declarant Holder/Representative
Holder Tax Identification Number (NIF)
Representative Tax Identification Number (NIF) Fiscal Code Address Phone/Mobile 2 Financial Resources of the Holder Covered by Law No. 9/18, dated June 26 Repatriated Resources /Reason for Non-Repatriation Verified Depository Bank Abroad/Issuer Country of Bank/Issuer Nature Currency Value Currency and Value Received Value or declaration Filling examples:
Bank XYZ USA Bank Deposit USD xxx.xx USD 1,000,000 ü Bank ABC (custodian) England Treasury Bonds GBP xxx.xx GBP 1,000,000 ü Real Estate Investment Fund Portugal Participation Units EUR xxx.xx Not repatriated due to sale impossibility ü

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3. SIGNATURE
This declaration, completed in accordance with the respective instructions, corresponds to the truth and contains no omissions or inaccuracies regarding the financial resources covered by Article 1 of Law No. …/201., dated … of …. …………………OF………OF 2018

………………………..
4. Bank Intervening in the Reception of Repatriated Financial Resources
BANK
……………………………………………………………
BRANCH
……………………………………………………………
It is declared that three copies of this declaration and supporting documents for the financial resources listed in Table 2 have been received.
…./…/../

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Annex II
Filling Instructions
Table 1 — this table is intended for the identification of the holder of the declared and repatriated financial resources or their legal representative within national territory.
If the declaration is submitted by a legal representative, the address indicated must be theirs, and identification of the holder of the declared resources and proof of representation powers are always mandatory. Presentation of the Tax Identification Number (NIF) numbers of the holder and/or representative is mandatory.
Table 2 — this table describes the financial resources covered by Law No. 9/18, dated June 26, and the repatriated resources.
Financial resources must be individually identified by depository/issuer and nature, and as many Declarations must be presented as necessary to declare the total amount of said resources.
In the “Nature” column, the nature of the investment must be inserted, namely bank deposit, treasury bonds, participation units in funds, etc.
In the “Repatriated Resources/Reason for Non-Repatriation” column, the value of repatriated resources must be inserted, and when different from the “Value” column for financial resources of the holder covered by Law No. 9/18, dated June 26, an explanation of this difference must be inserted, attaching a document issued by the depository Banking Financial Institution or custodian entity where said resources are domiciled, confirming and justifying the impossibility of repatriation as well as indicating the duration period foreseen for said impossibility.

CONTINUATION OF INSTRUCTION NO. 17/2018 9 of 11 Supporting documents for declared financial resources, when not drafted in Portuguese, may be submitted in the language of the country of the depository or custodian Financial Institution. A single document may prove more than one declared financial resource.
Table 3 — this table is intended to be signed by the holder of the declared and repatriated resources or their legal representative. Failure to sign constitutes grounds for rejection of the declaration.
Table 4 — this table is intended for identification of the Bank that received the repatriated resources and confirmation of the execution of each act provided therein.
Note: Completion of all tables in the «Declaration» is mandatory.

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ANNEX III
PROCEDURES GUIDE, OF OPERATIONAL NATURE
The legal regime approved by Law No. 9/18 of June 26, the Law on Repatriation of Financial Resources, may benefit natural persons who are nationals, legal entities, and equivalent entities, to whom the resources to be regularized are attributable, who possess residence, headquarters, effective management, or stable establishment within Angolan territory. § Verification Procedures

1. Verify Tax Identification Numbers (NIFs)
   Upon presentation of the card(s) with tax identification number, which is mandatory, the name(s) and declared Tax Identification Number (NIF).
2. Verify Representative Legitimacy
   If a representative exists, their representation legitimacy must be verified through a power of attorney; appointment and acceptance in the taxpayer registration model; or any other document conferring legitimacy to representation.
3. Prove Ownership of Financial Resources
   Verify supporting documents for repatriated financial resources, such as account statements, to prove direct or indirect ownership of the financial resources.
4. Verify Information in the Declaration
   If verification of information inscribed in documents delivered by repatriating parties against the Declaration reveals evidence of any error, holders/representatives must be invited to correct it. Under no circumstances should reception interveners substitute the submitters in correcting errors evidenced by the documentation.
5. Verify Declared and Received Amounts
   Verify whether the repatriated amount received by the Banking Financial Institution corresponds to the amount declared in the submitted documentation.
6. Certify Reception of Documentation and Supporting Documents
   Supporting documents must be originals or, alternatively, authenticated, understood as private documents confirmed before entities with competence for the purpose.
7. Capital Laundering Prevention Procedures
   Banking Financial Institutions must apply to repatriated resources and their holders the procedures established within their institutions to comply with Law No. 34/11, dated December 12 (Law on Capital Laundering and Terrorism Financing) and the regulations of the National Bank of Angola. ---