On 27 January 2020, a new law on Prevention and Combating against Money Laundering, the Financing of Terrorism, and the Proliferation of Weapons of Mass Destruction (“New AML Law”) was enacted by way of Law No. 5/20. The new law revoked Law No. 34/11, of 12 December 2011, on the same matter, and entered into force on 28 January. In general, there has been a strengthening of the prevention and control duties applicable to the entities subject to the New AML Law, as well as an increase in the powers of the supervisory authorities, particularly the Financial Information Unit.
 
Amongst the amendments introduced, we can highlight the following:

• The inclusion of measures against the proliferation of weapons of mass destruction;
• The definition of “ultimate beneficial owner” was expanded to encompass, notably, all persons that hold, directly or indirectly, a controlling interest in a company, including the control of the share capital, voting rights or a significant influence in the company. There is no longer a minimum threshold to determine the existence of control;
• “Politically exposed persons” are any national or foreign person that holds or has held a public office in Angola, or in any other country or jurisdiction, or in any international organization;
• There is now an autonomous duty to carry out mandatory risk assessment. The relevant entities must implement any measures and controls deemed appropriate to identify, evaluate, understand and mitigate money laundering, the financing of terrorism, and the proliferation of weapons of mass destruction;
•  Identification and diligence duties are now applicable to occasional transactions executed via wire transfers in an amount of more than USD 1,000, in national or foreign currency;
• New rules have been established on simplified due diligence and enhanced due diligence measures applicable to cross-border transactions;
• The scope of the duty to communicate suspicious transactions in cash or wire transfers has been amended and is now applicable to transactions between USD 5,000 and USD 15,000, depending on the underlying operation;
• Payment-service providers that control the ordering and reception of a wire transfer must consider the information received from the sender and the beneficiary to determine whether there is a communication duty;
• The Tax Authorities now have a duty to report suspicious cross-border payments.    

If you require a copy and/or an English translation of the New AML Law, and/or a more detailed overview of same, please contact us.

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