Through Circular Letter No. 10/2022, of October 27, which came into force on the same day, the National Bank of Angola (BNA) has indicated the procedures and measures that should be adopted by Financial Institutions, due to the definition, by the Financial Action Task Force (FATF), of measures against jurisdictions with strategic deficiencies in the prevention of money laundering and the financing of terrorism.

Concerning the list of high-risk jurisdictions subject to the application of countermeasures (which has remained unchanged since February 2020, and is composed by North Korea, the Islamic Republic of Iran, and the Republic of the Union of Myanmar), BNA established that:

• Financial Institutions must apply enhanced due diligence measures in any business relationships, occasional transactions and operations carried out with persons, entities and legal arrangements related to these jurisdictions, including the prior submission of the operation to the authorization of the management body (board of directors, management).

With regard to the list of jurisdictions under monitoring (whose only change from the last update is the withdrawal of the Republic of Nicaragua and the Islamic Republic of Pakistan, after compliance with the respective action plans), BNA establishes that their situation should be evaluated concerning the risk analysis of customers and transactions.

For more details on the conclusions of the FATF plenary meeting and on jurisdictions included in the above mentioned lists please consult: https://www.fatf-gafi.org/publications/fatfgeneral/documents/outcomes-fatf-plenary-october-2022.html.

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