National Bank of Angola increases fight against money laundering

23 January 2017

The provincial offices of the National Bank of Angola (BNA) will start sharing information in order to prevent money laundering and terrorist financing, the governor of the central bank said on Friday in the city of Huambo.

Valter Filipe, who was speaking at the end of a cycle of lectures held in the provinces of Cabinda, Huila, Benguela and Huambo, said that with this measure the BNA intends to win the trust of partners, correspondent banks and international banking authorities.

The governor of the Angolan central bank recommended to commercial banks to adopt more transparent and safer management models, in line with international standards and practices to prevent money laundering, according to Angolan news agency Angop.

Filipe said that preventing and combating money laundering is essential to protect the financial system and transfers, which must be conducted in compliance with the law and good practice, to be lawful and fair.

Protecting transactions, he said, is one of the great challenges of the BNA to sustain a dynamic financial system and be able to provide families with housing loans, personal and automotive loans, as well as companies with treasury and investment credit.

The governor acknowledged that the Angolan financial system has weaknesses in terms of supervising banking and non-banking financial institutions as well as weaknesses in the fight against money laundering, which have led international regulators, particularly Americans and Europeans, to prohibit the sale of foreign currency to Angola and conducting operations in dollars.

The governor of the BNA noted that the significant reduction in the price of oil in the international market has created great difficulties in boosting the economic process of the country and the prosperity of its families, which is why the great challenge is related to preventing and combating money laundering, so that the country can regain the confidence of international operators and correspondent banks.

“We need to win the trust of international partners, correspondent banks and international banking authorities, so that the country can once again acquire sufficient foreign exchange to boost the financial system and carry out transactions in US dollars, for the import of raw materials and goods necessary for economic and social development,” he said. (macauhub)