Luanda: The Minister of Justice and Human Rights, Marcy Lopes, stated on Wednesday in Luanda that the draft Legal Regime of the Beneficial Owner is fundamental for Angola to correct the nonconformities pointed out by the Financial Action Task Force (FATF) and be removed from the "grey list."
According to Angola Press News Agency, the new beneficial owner regime, approved Wednesday by the Council of Ministers, establishes clear rules for identifying real owners and legal persons, strengthens the integrity of the financial and business sectors, and aligns Angola with international standards.
Speaking to the press after the Council of Ministers' meeting, which was chaired by President Joo Louren§o, Lopes recalled that the country has been under enhanced monitoring since October 2024. This situation requires the adoption of legislative and operational measures to strengthen the fight against money laundering, terrorism financing, and the proliferation of weapons.
Lopes explained that the draft law is part of a broader set of regulations that Angola must implement to address the FATF's identified shortcomings. The objective is to ensure that the country obtains a positive rating in the next assessment, allowing it to be removed from the grey list. "This draft law fulfills that requirement and will now go to the National Assembly for discussion and approval," the minister said.
Lopes also emphasized the new regime's immediate operational implications, especially the establishment of the Beneficial Owner Registry under the Ministry of Justice and Human Rights' supervision. The registry will allow entities covered by the law to register and enroll, ensuring that national and international financial institutions have access to the necessary information to identify the true owners of corporate structures.
"This legislation makes the Angolan financial system more robust and transparent, enabling entities to operate with greater security and visibility over situations that cannot be verified today," said Lopes. It requires companies and other entities to register the person or persons who ultimately control or own their assets. The legislation aims to prevent money laundering and the financing of terrorism by identifying the real beneficiaries behind corporate structures.
