Angola’s Central Bank Cracks Down on Financial Institutions’ Ties with High-Risk Countries and Jurisdictions

The National Bank of Angola (BNA) has issued a directive to financial institutions in the country, urging them to be cautious in their business dealings with individuals and institutions from high-risk countries and jurisdictions.

High-Risk Countries Identified

The BNA has listed the following countries as high-risk, based on an advisory from the Financial Action Task Force (FATF):

Democratic People’s Republic of North Korea
Islamic Republic of Iran

These countries pose a significant risk of money laundering, terrorist financing, and proliferation of weapons of mass destruction.

Response to Recent FATF Policies

The advisory from the BNA follows the recent FATF plenary meeting held from 21 to 23 June 2023, which set policies for preventing and interrupting financial flows that sustain crime and terrorism.

Dealing with Myanmar

Angolan financial institutions are specifically advised to apply measures of reinforced due diligence when dealing with the Republic of the Union of Myanmar. Myanmar is considered a high-risk jurisdiction by the FATF.

Continuously Monitored Countries

For countries and jurisdictions under continuous monitoring, the BNA advises financial institutions to apply enhanced due diligence measures proportionate to the assessed risk. The following countries and jurisdictions are under continuous monitoring:

Albania
Barbados
United Arab Emirates
Burkina Faso
Cayman Islands
Gilbatar
Haiti
Yemen
Jamaica
Jordan
Mali
Panama
Philippines
Senegal
South Sudan
Syria
Turkey
Uganda
Mozambique
Tanzania
Democratic Republic of Congo
South Africa
Nigeria
Cameroon
Croatia
Vietnam

Protecting the Financial System

The BNA’s stance on these restrictions aims to protect the international financial system from the risks associated with money laundering, terrorist financing, and proliferation of weapons of mass destruction.