Oil companies operating in Angola will have to use Angolan banking system

30 November 2011

Luanda, Angola, 30 Nov – Angola’s members of parliament Tuesday approved a proposed law obliging oil companies operating in Angola to use the Angolan banking system for their financial transactions, Angolan news agency Angop reported.

In its proposal the Angolan government said that exemptions provided to oil companies to use foreign financial institutions no longer made sense as the Angolan financial system was now developed enough to deal with them.

The members of parliament also approved another six laws, notably one for the organisation and operation of Local State Administration bodies.

The approved laws also include those that establish the municipal areas of the provinces of Luanda and Bengo, on real estate brokerage and creation of the national parks of Luengué-Luiana and Mavinga, both in the provinces of Cuando-Cubango, which borders the Caprivi strip, in Namibia, and the Maiombe strip, in Cabinda province.

The parliamentary session continues Wednesday to discuss and vote on the laws for the legal regime for private and public associations and laws on the tax and fiscal execution codes, amongst others. (macauhub)