Luanda – The Cabinet Council on Wednesday in the Province of Luanda analysed the draft-law on the general regime for public funds, which establishes the legal system applicable to the creation, organisation, operation, management, supervision, evaluation and extinction of these institutions.
The draft, which was discussed at the 7th ordinary session of the Cabinet Council chaired by the President of the Republic, João Lourenço, is due to be submitted to the National Parliament for processing.
The government intends to adopt a new concept of public funds, generally as financial reserves, or masses of assets without legal personality, to delimit public funds from the current regime of public institutes, in order to define a unitary regulatory framework of their own and to establish an operating model based on market logic.
According to the final statement of the meeting, the Cabinet Council also analysed the Draft-Law on Gambling, an instrument that defines its principles and regulates the access process for games of chance played in casinos or betting places.
The law regarding online games, which regulates the supervision process of this activity, tax system, responsible gambling, money laundering, as well as gambling advertising and the penalty system and the law on insurance mediation, which defines the regime applicable to access, exercise, supervision, suspension, mediation and insurance and reinsurance brokerage activity in Angola were also analysed by the Cabinet session.
Ordinary sessions are held on the last Wednesday of each month, while extraordinary sessions are held whenever called by the President of the Republic.
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