Future Angolan Penal Code sets limit on cash transactions

18 December 2018

A proposed review of the Angolan Penal Code includes the introduction of a limit on cash transactions of 3 million kwanzas for individuals and 5 million kwanzas for companies, said the deputy attorney general.

Mota Liz said that this limit aims to prevent the circulation of large cash amounts outside the financial system (banks, insurance companies and capital markets).

“This aspect, which is not covered by the legislation in force, will discipline and punish some practices that harm the financial market,” according to the deputy Attorney General of the Republic, quoted by the Angolan press.

The Penal Code in force in Angola dates from 1886, and the review process has been underway since 2004 to adapt the document to the new social reality of the country. (macauhub)