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Mon, 22 Feb 2016 19:52 - Updated Mon, 22 Feb 2016 19:52

Angola out of money laundering monitoring process

Luanda - The Banco Nacional de Angola (BNA) has been freed from the global money laundering and terrorism financing monitoring process.

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The BNA headquarters in Luanda

Photo: Lino Guimaraes

The information is contained in the report recently released by the Financial Action Task Force on Money Laundering.

According to a BNA press release that reached Angop on Monday, the compliance by the Angola Reserve Bank with the FATF recommendations dictated significant progress in improving its regimes to combat money laundering and terrorist financing and will therefore no longer be subject to the FATF’s monitoring process.

The report states that the decision follows measures adopted by the Angolan State regarding a governing programme and fulfillment of external and internal regulations, in order to ensure that its financial system aligns with the international and regional requirements.

It says that the said programme based on the combat of money laundering and financing of terrorism, involves reforms to regulations and enforcement of 23 of 41 new regulation that touches mainly on banks licensing, risk management, credit management and others.

In January Janeiro de 2016, the FATF visited Angola to check the implementation of the reforms and actions to improve areas identified in 2010.

On the occasion, a juridical framework was established, as no financing of terrorism was identified, as a result of the enforcement of the provisional measures of appropriate confiscation.

Commenting on the FATF report, BNA governor, José Pedro de Morais Júnior, expressed satisfaction.

He welcomed the FATF decision, saying the withdrawal of Angola from the money laundering and terrorism financing monitoring list will improve the country’s credit quality and those of local financial institutions.

According to him, the above is also an evidence of the significant progress made by BNA in adopting and complying with the measures in line with the FATF recommendations.

The governor also congratulated the institutions supervised by BNA on their cooperation and progress scored over the last few years.

He pledged that BNA will continue showing its commitment to joining international governance standards, by keeping Angola’s financial stability, through a number of measures and rules intended to reinforce and denounce suspect terrorist operations.

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