THE AFRICA BAZAAR Staff Writer
January 12, 2016
Banco Nacional de Angola, the National Bank of Angola, said Tuesday it is implementing a series of new laws and policies that will strengthen action against money laundering and terrorism financing in the Angolan financial system.
Under the new law and policy reforms, there will be continuous monitoring of the financial system and all financial institutions under supervisions of the Bank must submit audited reports by end of the year, which will be checked for completeness and transparency. Offending institutions that are not fully compliant with the codes and conduct laid out by BNA will be penalized
Bank and non-banking financial institutions are required to complete self-assessment questionnaires that will help strengthen their monitoring actions. These questionnaires are based on the AML/FT. The feedback will then be utilized in developing actions of direct and indirect supervision, and for monitoring the implementation of these materials
According to the Governor of BNA, José Pedro de Morais, the new law and policies, which are based on recommendations from FATF/GAFI, and is part of the bank’s efforts to monitor and examine its financial system for any fraudulent activities that may raise concerns, will help expedite the bank response to addressing any suspicious transactions.
“Angola has made considerable progress in adopting more stringent requirements for the prevention of money laundering and terrorist financing,” he said. “We are confident that these measure will assist financial institutions to meet their legal and regulatory requirements efficiently. By measuring this success, the BNA will promote the integrity of the Angola financial system by placing it in a strong position worldwide.”
Under the umbrella of the new law and policies, the Financial Intelligence Unit has the rights to freeze funds and economic resources of persons, groups or entities designated that comes under their scanner of conducting any fraudulent activities.
To assist in strengthening monitoring actions of financial and non financial institutions, the BNA published guidelines on practical implementation of AML and FT programs and conducted AML prevention and awareness workshops with for the bank’s relationship manager. these include highlighting policy reforms, developing training materials and guidelines for BNA regulated institutions.
The Governor expects significant development in the first half of 2016 in Angola financial system , with regard to compliance relating to AML/FT, ensuring the authenticity and full compatibility of all financial assets of the country.
The governor “The BNA is committed to maintaining the financial stability of Angola to guarantee social development and sustainable economic, seeking increase in FDI inflows. Our aim is to continue to implement structural reforms in order to strengthen the Angolan financial system to mitigate potential money laundering risks and terrorist financing.”
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