23 February 2018

Angola: Economic Instability Propitiated Capital Flight

Luanda — The protection of one's assets, economic instability and reduced inconsistency of the international financial system propitiated the capital flight from Angola to other countries, said last Thursday, in Luanda, the Finances minister, Archer Mangueira.

The Finances minister - who was presenting in parliament the Bill on Repatriation of Capital, an initiative of the head of the Executive, President João Lourenço - revealed that the situation has been changing lately, because the country managed to stabilise its political and juridical institutions, coupled with the implementation of measures that promote macroeconomic stability and the reinforcement of the financial system.

He went on to say that the existence of Angolan financial resources abroad does not represent any benefit to the national economy, because this capital can be transformed into an additional source of financing and contribution to the country's socioeconomic development.

He noted, however, that the governmental initiatives on the repatriation of Angolan funds domiciled abroad have varied in terms of the strictness of the measures, having into account the principles that have been gaining a more universal acceptance in regard to the free flow of capitals.

He reminded that the country did not just record illegal transfer of moneys to foreign countries but also the illegal acquisition of funds, through the infringement of penal, administrative, fiscal, customs, financial and exchange rules and laws.

The Executive intends to come up with a legal framework that enables singular and juristic persons established in Angola, and that have high financial amounts domiciled outside the country, to voluntarily repatriate such financial assets and apply them in the Angolan development process, on return of not being questioned about the origins of the capitals and thus being free from any criminal accountability.

However, the bill states that in the end of the capital repatriation deadline, which is of 180 days from the day of the publication of the law, the Angolan authorities will have the right to make use of all the legal national and international tools to get hold of such financial assets.

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