New rules applicable to capital operations

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 antimoney laundering and prevention of financing of terrorism and on proliferation of weapons of mass destruction (“AML”).