Instruction No. 17/2018, of November 28

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, of June 26 – the Financial Resources Repatriation Law, the repatriation of financial resources domiciled abroad is processed through Banking Financial Institutions domiciled in national territory; Given the need to establish the procedures to be observed in the aforementioned repatriation process; In exercise of the competence attributed by the combined provisions of paragraph f) of Article 21 and No. 1 of Article 40, both of Law No. 16/10, of July 15, the National Bank of Angola Law, and No. 2 of Article 28 of Law No. 5/97, of June 27, the Foreign Exchange Law. 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, of June 26, the Financial Resources Repatriation Law.
2. Scope
   This Instruction applies to:

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

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6. Declaration of Repatriation of Financial Resources
6.1 With the transfer of repatriated resources, Banking Financial Institutions must obtain from the holder or their legal representative a completed and signed “Declaration of Repatriation of Financial Resources”, hereinafter designated as the “Declaration”, in the model contained in Annex I to this Instruction and 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 number 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 registered sealed mail, against receipt, to the National Bank of Angola at the following address:
National Bank of Angola
Foreign 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, of June 26.
8. Impossibility of Immediate Repatriation
In cases where, due to legal or administrative impossibility, voluntary repatriation cannot be carried out until December 26, 2018, holders of resources must, by the aforementioned 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 a Banking Financial Institution or another legally competent entity, as applicable, confirming and justifying the impossibility of said repatriation as well as indicating the duration period foreseen for the mentioned impossibility.
9. Procedure Guide
As an integral part of this Instruction, the document designated as "Procedure Guide" is provided in Annex II, of an operational nature, 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 resources repatriation.
10. Sanctions
Violation of the provisions established in this Instruction constitutes an offense provided for and punishable under Law No. 12/2015, of June 17, the Basic Law of 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 Foreign Exchange Control Department of the National Bank of Angola.
12. Entry into Force
This Instruction enters into force on the date of its publication.
PUBLISH.
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 No.
Address
Phone/Mobile
2
Holder's Financial Resources Covered by Law No. 9/18, of 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 Examples of completion:
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 impossibility of sale 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., of … of …. ………………..DE………DE 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
Completion Instructions
Table 1 – this table is intended for the identification of the holder of the declared and repatriated financial resources or their legal representative in national territory.
If the declaration is presented by a legal representative, the address to be indicated is that of the representative, and identification of the holder of the declared resources and proof of representation powers are always mandatory. Presentation of tax identification numbers (NIF) of the holder and/or representative is mandatory.
Table 2 – this table describes the financial resources covered by Law No. 9/18, of 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 their respective resources. In the “Nature” column, the investment nature 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 of the holder's financial resources covered by Law No. 9/18, of June 26, an explanation of this difference must be inserted, attaching a document issued by the depository Banking Financial Institution or custodial entity where said resources are domiciled, confirming and justifying the impossibility of said repatriation as well as indicating the duration period foreseen for the mentioned impossibility.

CONTINUATION OF INSTRUCTION NO. 17/2018 9 of 11 Supporting documents for the declared financial resources, when not drafted in Portuguese, may be presented in the language of the country of the depository or custodial 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. Lack of signature constitutes grounds for refusal 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 of the acts provided for therein.
Note: Completion of all tables contained in the «Declaration» is mandatory.

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

1. Verify Tax Identification Numbers (NIFs)
   Upon presentation of the tax identification number card(s), which is mandatory, verify the declared name(s) and Tax Identification Number (NIF).
2. Verify Representative Legitimacy
   If a representative exists, the legitimacy of their representation 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 any error, holders/representatives must be invited to correct it. Under no circumstances should intervening parties in the reception of documentation substitute themselves for presenters 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 presented documentation.
6. Certify Receipt of Documentation and Supporting Documents
   Supporting documents must be originals or, alternatively, authenticated, understood as private documents confirmed before entities with competence for the effect.
7. Anti-Money Laundering (AML) 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, of December 12 (Law on Money Laundering and Terrorism Financing) and the regulations of the National Bank of Angola.