Luanda - National Reserve Bank of Angola (BNA) has decided to do away with the obligation for banking financial institutions to maintain an independent exchange control function, ANGOP learnt Wednesday.
The measure enables the banks to secure the existence of an organisational structure, culture and internal control systems that ensure strict compliance with all legislation and regulations applicable to foreign exchange operations.
The decision, which came into force on January 12, 2023, expressed in Instruction nr.2/2023 of January 12th, and revokes the previous nr.07/2018 of June 19th that created the independent function of foreign exchange control in banking financial institutions.
The BNA warns that non-compliance with this instruction carries a punishment under the Foreign Exchange Act, the Prevention and Combat of Money Laundering, the Financing of Terrorism and the Proliferation of Weapons of Mass Destruction.
The Central Bank states that the evolution of the regulatory and operational national foreign exchange market are aligned with international best practices, in terms of foreign exchange and the fight against money laundering and financing of the terrorism, which allowed its normal operation.
The BNA states that the move allows to update the banks' organisational model in their intermediation of foreign exchange operations.
The National Bank of Angola (BNA) is the Central Bank of Angola which has full responsibility for the country's monetary policy.
