Luanda: Members of the National Assembly (AN) approved, on Tuesday, in a joint meeting of the Specialized Working Committees, the Draft Law on the Legal Regime of the Beneficial Owner. The legislation establishes rules for the identification, registration, updating, and provision of information on the beneficial owners of legal persons and other legal entities, national or foreign, created, registered, or operating in Angola.
According to Angola Press News Agency, the proposal aims to introduce into the Angolan legal system a specific regime to determine who are the true owners or controllers of companies and other entities, strengthening the mechanisms of transparency and control. The document highlights that the measure is part of the efforts to prevent and combat money laundering, terrorist financing, and the proliferation of weapons of mass destruction.
The legislation also aims to strengthen the transparency and robustness of the financial and corporate sector, through the adoption of measures to ensure the accessibility, management, maintenance, and security of information on the ownership and effective control of entities operating in the country. With this initiative, the government hopes to reduce the risk of misuse of companies and other legal structures for the commission of crimes or for the concealment of resources of illicit origin.
The proposal is considered another step in strengthening the stability and resilience of the Angolan financial system, in accordance with the commitments made in the 2022-2027 Government Program, the 2023-2027 National Development Plan, and the Angola 2050 Long-Term Strategy. The document consists of 56 articles, distributed in five chapters, seven sections, and seven subsections and includes an annex with a table of fines applicable under the administrative offense regime.
