Capital flight in Angola totals US$18 million in 2011

19 June 2013

Capital flight from Angola in 2011 totalled 1.75 billion kwanzas (US$18.1 million), said the director of the Angolan Office for Studies and International Relations of the Finance Ministry, João Boa Francisco Quipipa.

At a conference on capital flight and development policy organised by Norwegian Church Aid in partnership with the Centre for Scientific Studies and Research of Angola’s Catholic University, Quipipa also said that capital flight had fallen if 2007 was compared with 2011.

This downward trend for capital flight, according to Quipipa, is also the result of the government adopting measures to combat capital flight which may also be related to money laundering and funding terrorism.

According to Angolan news agency Angop, Quipipa noted the laws that had been approved, such as the Law to Combat Money Laundering and Financing Terrorism, the law that established the Financial Information Unit and the law ratifying the UN Convention on Transnational Organised Crime (Vienna Convention).

He also said other measures had been taken by the National Bank of Angola to regulate capital flows in and out of the country by residents and non-residents, as well as greater control of national borders by the National Police and Customs Police . (macauhub)