Banco Nacional de Angola (BNA), the Central Bank of Angola, today announced a series of next step measures to strengthen Angola’s governance and compliance supervisory framework.
The BNA mandated that all institutions under the Bank’s supervision submit audited reports by December 31, 2015. These reports will be verified for completeness and transparency and overall progress in meeting the stringent requirements set out by the Financial Action Task Force (FATF), an intergovernmental body that develops and promotes policies to combat money laundering and terrorist financing.
In addition to mandating audited reports, the BNA issued a detailed series of next step guidelines to support the Bank’s supervisory role in achieving full FATF compliance within the country’s financial system. Training sessions were held with all entities under the Bank’s supervision to guarantee the successful implementation of the BNA mandated procedures. To ensure that the country’s financial sector adheres to global practices, the BNA not only strictly monitors local financial institutions but also penalizes local banks and financial entities that are not fully compliant with the codes and conduct laid out by BNA. These measures represent another significant step forward in Angola’s journey towards being fully compliant with FATF policies as the country looks to implement all of its recommendations.
BNA Governor Jose Pedro de Morais Junior commented, “Angola has made considerable progress in the journey of adopting stronger governance and compliance requirements designed to meet global standards. We have enacted new legislation and implemented policy reforms. As part of our efforts to strengthen appropriate and effective oversight, the BNA has issued new and detailed guidelines, referrals and manuals to reflect prevailing international best practices and align them with our objective of being fully compliant with FATF standards and policy recommendations. We are confident that all of these measures will support financial institutions as they look to meet their legal and regulatory requirements effectively and efficiently. By ensuring such success, the BNA will foster the integrity of Angola’s financial system by putting it in good standing globally.”
Since 2010, Angola has made a high-level government commitment to work with FATF and regional bodies to address gaps in the country’s financial infrastructure and has taken significant steps towards aligning itself with FATF standards and policies. The BNA has adopted all of the FATF recommended initiatives:
- Joining the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG)
- Enactment of laws to provide a legal basis for freezing, seizing and confiscation measures for the proceeds of money laundering and terror financing
- Amendment of law to criminalize terrorism financing
- Enactment of regulations and procedural arrangements to implement the obligations set out by United Nations Security Council Resolution (UNSCR)
- Establishment of a fully operational and effectively functioning Financial Intelligence Unit
- Protection of the Financial Intelligence Unit’s operational independence and autonomy
- Improving Customer Due Diligence (CDD) measures
In the first half of 2016, the BNA will announce significant developments within Angola’s financial system with regards to meeting increased governance and compliance requirements. The BNA also aims to have all of the country’s financial assets certified and fully compliant. In addition, other key transactional sectors and financial bodies are being assessed for compliance, including the Capital Markets Commission, Insurance Companies Regulatory Associations, Customs, and the Gambling and Casino Institute.
The Governor concluded, “The BNA is committed to maintaining Angola’s financial stability to ensure sustainable, strong social and economic development by seeking increased FDI inflows in the country. Our biggest policy objective this year will be to continue implementing structural reforms in order to strengthening the Angolan financial system while mitigating against potential market risks.”
About the Banco Nacional de Angola (BNA)
The Banco Nacional de Angola (BNA) is the Central Bank of Angola that aims to contribute to the country’s national economic development through the promotion of monetary stability and fostering an environment which ensures a stable and sound financial system. The BNA is responsible for maintaining the internal and external value of the Angolan currency. In addition, the institution is also the single integrated regulator of Angola’s financial services industry. The overarching objective of the Bank is to develop a sound and progressive financial sector to achieve sustained social and economic growth for the benefit of the nation.