Angola drafts law for repatriation of capital

3 January 2018

Legislation to regulate the repatriation of capital is being drafted in Angola, the Justice and Human Rights minister Francisco Queirós announced on Tuesday, adding that it was a process of “a certain complexity,” considering the need to include the option of enforcement once the grace period is up.

The Angolan President, João Lourenço, announced in December 2017 that Angolan citizens would be given a grace period to repatriate the funds they have deposited abroad without fear of legal proceedings, in a speech given in Luanda in his role as Vice President of the Popular Movement for the Liberation of Angola (MPLA).

“At the beginning of the year the government will announce the length of the grace period so that anyone who has capital abroad can repatriate it in order for it to be invested in the economy, in the creation of companies and jobs,” said Lourenço.

The President then said that, once the period had expired, the “Angolan State feels entitled to consider this money as belonging to Angola and the Angolans and, consequently, to contact the authorities of the domiciliary countries to have it returned to its possession.”

The Minister of Justice and Human Rights told Angolan National Radio that existing capital overseas “must be declared,” and later mechanisms will be established to proceed with its repatriation, “with the necessary precautions in order not to call the objectives [of the scheme] into question.”

Queirós added that in January there should be news about the work that is being carried out to draft the Law on Repatriation of Capital. (macauhub)