Angola’s privatisation programme to comply with money laundering law

14 August 2019

Angola’s Privatisation Programme will comply with the Anti-Money Laundering and Terrorist Financing Act, Finance Minister Archer Mangueira said on Tuesday in Luanda.

“There is a risk that potential investors would want to place assets that originated from illicit operations in the privatisation programme,” said the minister, who gave assurances that all the institutions covered in the process will be required to carry out due diligence on stakeholders.

Archer Mangueira said he was unaware of the amount the state would raise through the sale of public companies or stakes in other companies but noted that the revenues would be allocated to the development of the national productive sector.

“As the Privatisation Programme is implemented, the revenue will be publicly disclosed,” said the finance minister, quoted by the local press.

On Tuesday the Angolan government presented ProPriv 2019-2022, which plans to privatise 195 public companies during this period, 32 of which are classified as national reference companies, namely in the Mining and Oil Resources, Telecommunications and Information Technology, Transport and Finance, Hotel and Tourism, and Agriculture and Industry sectors.

In addition to the 32 national reference companies, the government will also privatise 50 companies classified as subsidiaries and assets of state oil company Sonangol, 51 industrial units in the Luanda-Bengo Special Economic Zone and 62 other companies and assets. (Macauhub)