Luanda: The Minister of Justice and Human Rights, Marcy Lopes, announced that the recent approval of a law governing non-governmental organizations (NGOs) is set to enhance the identification and monitoring of these entities, thereby bolstering the resilience and robustness of the nation's financial system.
According to Angola Press News Agency, the minister's remarks came after the legislative body passed the law with 106 votes in favor, 77 against, and two abstentions. Marcy Lopes emphasized that the new law mandates private organizations operating as NGOs to adhere to transparency rules and anti-money laundering regulations. This legislative move is seen as a crucial step in achieving a robust financial system that aligns with international standards, thus elevating the country's global credibility.
Lopes highlighted that this legislative measure marks a significant victory in the ongoing effort to address nonconformities identified by the Financial Action Task Force (FATF), particularly concerning the regulation and oversight of NGOs. Previously, these organizations were viewed as a major challenge within the financial system.
The minister further noted that with the law's implementation, there will be a concentrated effort to ensure all NGO activities align with the established legal guidelines. The goal is to ensure that any previously non-compliant practices are adjusted to meet the new legal standards.
