Instruction No. 2/2023 of January 12 on Foreign Exchange Policy and Control

INSTRUCTION NO. 2/2023 of January 12

SUBJECT: FOREIGN EXCHANGE POLICY

• Foreign Exchange Control

The evolution of the regulatory and operational framework of the national foreign exchange market, aligned with international best practices in foreign exchange, anti-money laundering, and counter-terrorist financing, among others, has enabled the normalization of its operations. This framework allows for the update of the organizational model of Banking Financial Institutions in their role as intermediaries in foreign exchange transactions. Pursuant to the combined provisions of paragraph 2 of Article 28 of Law No. 5/97, dated June 27, Foreign Exchange Law, and Articles 39 and paragraph 1 of Article 98 of Law No. 24/21, dated October 18, Bank of Angola Law.

I DETERMINE:

1. The obligation for Banking Financial Institutions to maintain an independent foreign exchange control function is eliminated.
2. Banking Financial Institutions must ensure the existence of an organizational structure, culture, and internal control systems that guarantee strict compliance with all applicable legislation and regulation governing foreign exchange transactions.

CONTINUATION OF INSTRUCTION NO. 02/2023 Page 2 of 2
3. Non-compliance with paragraph 2 of this Instruction constitutes an offense punishable under Law No. 5/97, dated June 27 - Foreign Exchange Law, Law No. 5/20, dated January 27 on the Prevention and Combating of Money Laundering, Terrorist Financing, and Proliferation of Weapons of Mass Destruction, and Law No. 14/21 dated May 19, General Regime of Financial Institutions Law.
4. Instruction No. 07/2018, dated June 19, regarding the Creation of an Independent Foreign Exchange Control Function in Banking Financial Institutions, is revoked.
5. This Instruction enters into force on the date of its publication.

PUBLISHED.
Luanda, January 12, 2023.
THE GOVERNOR
JOSÉ DE LIMA MASSANO