New Rules Applicable To Capital Operations

• Published date: 22 July 2022
• Subject Matter: Corporate/Commercial Law, Government, Public Sector, Tax, M&A/Private Equity, Corporate and Company Law, Money Laundering, Tax Authorities
• Law Firm: PLMJ
• Author: Mr PLMJ

The National Bank of Angola ("BNA") has approved new rules (BNA Notice 14/22 of 5 July 2022 - the "Notice") which provide that capital operations executed by legal persons no longer require prior approval from the BNA.

Capital operations include various financial transactions such as granting and repayment of loans and other receivables, issuance and redemption of government securities and bonds, acquisition of stakes in Angolan entities, setting up companies, acquisition of businesses or property, and issuance and execution of most guarantees. The Notice follows the recent BNA trend to liberalise the foreign exchange sector, by vesting compliance duties in commercial banks and allow these operations to be implemented without intervention by the central bank.

Banks may only settle these transactions when requested by their clients and their clients must have onboarding procedures that are complete and up-to-date, compliant with the regulations on anti-money laundering and prevention of financing of terrorism and on proliferation of weapons of mass destruction ("AML").

Banks must also obtain all information necessary to have full knowledge of their clients (KYC), which must be obtained periodically and at least on an annual basis:

1. financial information;
2. confirmation of good standing with the Tax Authority;
3. confirmation of good standing in the Credit Risk and Information Centre; and
4. financial statements audited or certified by an independent accountant or company of accountants (of the Audit Court, if applicable).

The National Bank of Angola ("BNA") has approved new rules (BNA Notice...