Angola

Units in collective investment undertakings (unidades de participação em organismos de investimento coletivo)

Other instruments that confer rights comparable to shares or debentures, or that represent investment contracts and can be traded in a capital market.

**Investment Tokens/Security Tokens:** Any token designed to represent traditional securities on a blockchain, such as shares in a company, debt instruments, or units in a collective investment scheme.

**Tokens from Initial Coin Offerings (ICOs) or Security Token Offerings (STOs):** If the ICO/STO offers tokens that promise a share of profits, voting rights, or other traditional equity-like features, or if the marketing emphasizes an investment return.

**Tokens Representing Fractional Ownership:** Tokens that represent fractional ownership in real-world assets (e.g., real estate, art) with an expectation of profit from the asset's appreciation or rental income.

**Registration with the CMC:** Any public offering of securities requires prior authorization from the CMC.

**Prospectus Requirement:** Issuers must publish a detailed prospectus containing all necessary information for investors to make an informed decision.

**Disclosure Obligations:** Ongoing disclosure requirements would apply to the issuer (e.g., financial reports, material events).

**Exemptions:** Limited exemptions may exist for private placements to qualified investors or offerings below certain thresholds, but these would still be subject to CMC oversight and specific conditions.

**Notice No. 04/2018:** Warned the public about the risks associated with virtual currencies, stating that they are not legal tender, are not issued or guaranteed by the BNA, and are not regulated by the BNA or any other Angolan entity.

**Notice No. 03/2019:** Prohibited Angolan financial institutions (banks, payment service providers, etc.) from carrying out any transactions involving virtual assets, holding them, or providing services related to them.

**Regulated Exchanges:** Trading would have to occur on a regulated exchange authorized by the CMC. Currently, Angola's sole stock exchange, BODIVA (Bolsa de Dívida e Valores de Angola), does not list or facilitate the trading of cryptocurrency tokens or security tokens.

**Market Conduct Rules:** Rules against market manipulation, insider trading, and other illicit practices would apply.

**Investor Protection:** Measures for investor protection, transparency, and liquidity would be required.

**AML/CFT Compliance:** Exchanges and participants would need to adhere to anti-money laundering and combating the financing of terrorism (AML/CFT) regulations.

**BNA's Prohibitions:** The most significant "enforcement" has been the BNA's direct prohibition on financial institutions from engaging with crypto assets (Notice No. 03/2019). This is a preventative regulatory action rather than a reactive enforcement against a specific violation.

**General Warnings:** Ongoing public warnings from the BNA about the risks of virtual assets.

**AML/CFT Focus (Hypothetical):** Any future enforcement against illicit crypto activities would likely fall under existing AML/CFT laws, which are being strengthened in line with FATF recommendations. Unregistered offerings or fraudulent schemes involving crypto assets would likely be prosecuted under general fraud laws or laws against unauthorized financial activities, rather than specific crypto-securities violations.

**Lei do Mercado de Valores Mobiliários (Securities Market Law) - Law No. 22/15 of September 11, 2015:**

This is the primary legislation governing securities in Angola.

**Comissão do Mercado de Capitais (CMC) Website:** https://www.cmc.ao/ (The law itself might be found in their legislative archives or on an official gazette site, usually in Portuguese).

Banco Nacional de Angola (BNA) – The Central Bank of Angola. This is the primary body that has issued warnings and restrictions regarding virtual assets, and it actively regulates fintech and cross-border transactions. Its mandate includes financial stability, monetary policy, and oversight of digital finance.

**BNA Official Website:** https://www.bna.ao/ (Notices are usually published in their "Avisos" or "Comunicados" sections).

**Banco Nacional de Angola (BNA) Notice No. 03/2019 (Prohibition on Financial Institutions regarding Virtual Assets):**

**BNA Official Website:** https://www.bna.ao/ (Look in their "Avisos" or "Comunicados" sections for the relevant year).

**Approach:** Primarily **cautionary and prohibitory** from the central bank's perspective for regulated financial entities, coupled with public warnings. There is a **lack of specific, comprehensive legislation** for virtual assets or virtual asset service providers (VASPs) to operate within a regulated framework. AML/CFT laws, however, are applicable to any financial activity and may implicitly extend to virtual assets if they are deemed "funds" or "assets."

**De Facto Status:** It leans towards a **partial ban** for traditional financial institutions and a highly **unregulated/unlicensed** environment for individuals and crypto businesses, with significant associated risks.

**Banco Nacional de Angola (BNA)** – The Central Bank of Angola. This is the primary body that has issued warnings and restrictions regarding virtual assets. Its mandate includes financial stability and monetary policy.

**Unidade de Informação Financeira (UIF)** – The Financial Intelligence Unit of Angola. Responsible for combating money laundering and financing of terrorism (AML/CFT) under the general legal framework, with oversight over financial activities including virtual assets for AML/CFT compliance, while specialized regulation of virtual assets and crypto mining falls under Angola’s 2023 Law on Virtual Assets and the Instituto de Gestão de Activos Virtuais (IGAV).

AMOC weakening is now projected to be faster and more consequential than early 2018 assessments, with updated models (2025-2026) warning of potential collapse and massive carbon release, superseding the specific regulatory assumptions of the 2018 BNA Communiqué.

**Name:** Banco Nacional de Angola has issued various public communiqués and notices over time warning financial institutions and the public about the risks associated with cryptocurrencies. A significant one was released in **early 2018**.

Virtual currencies are not legal tender in Angola. While the BNA retains exclusive authority over issuance, recent laws prohibit cryptocurrency mining and introduce regulatory oversight for virtual assets by the Capital Market Commission (CMC), though financial institutions remain restricted from dealing in them.

**URL:** Official BNA communiqués are usually published on their website. While a direct English-translated URL for the specific 2018 notice can be hard to find consistently, the sentiment is widely reported by financial news and legal firms. An example of the BNA's general statements can be found under their "Press Releases" or "Notices" sections.

General BNA website link (for searching current releases): Banco Nacional de Angola

**Lei n.º 5/2020 de 27 de Janeiro – Regime Jurídico de Prevenção e Combate ao Branqueamento de Capitais, ao Financiamento do Terrorismo e à Proliferação de Armas de Destruição em Massa (AML/CFT Law)**

**Name:** Law no. 5/2020 of January 27 – Legal Regime for the Prevention and Combating of Money Laundering, Financing of Terrorism, and Proliferation of Weapons of Mass Destruction.

**Content:** This is Angola's primary AML/CFT law. While it may not explicitly mention "virtual assets" or "VASPs" with specific definitions as seen in FATF guidance, its broad definitions of "funds," "assets," and "financial activities" *could potentially* be interpreted to encompass virtual asset transactions. Entities engaged in any financial activity that facilitates money laundering or terrorism financing, regardless of the asset type, would fall under its purview. This law places obligations on various financial and non-financial entities to report suspicious transactions to the UIF.

URL: Official Angolan legislation is typically published in the Diário da República (Official Gazette).

Reference to the law (often found in legal databases or publications): Lei n.º 5/2020 de 27 de Janeiro

**For Regulated Financial Institutions:** Explicitly **prohibited** from engaging in virtual currency activities. This means Angolan banks, payment service providers, and other regulated financial entities cannot offer services related to crypto trading, holding, or facilitating payments for crypto exchanges.

**For Individuals:** Individuals are generally **not explicitly prohibited** from owning or trading cryptocurrencies. However, they do so at their own risk, with no consumer protection, and outside the formal financial system. Any illicit activities (e.g., money laundering) conducted using virtual assets would fall under the existing AML/CFT laws.

Angola has enacted a regulatory framework requiring licensing for virtual asset service providers (VASPs), including crypto exchanges, from the BNA or CMC. Crypto mining is prohibited, but exchanges must comply with licensing, AML/CFT, and capital requirements to operate legally.

**Lei n.º 5/20, de 27 de Janeiro – Lei sobre a Prevenção e Combate ao Branqueamento de Capitais, Financiamento do Terrorismo e Proliferação de Armas de Destruição em Massa (Law No. 5/20, of January 27 – Law on the Prevention and Combat of Money Laundering, Financing of Terrorism and Proliferation of Weapons of Mass Destruction).**

This law repealed and replaced the previous Law No. 3/14 of February 10, 2014. It aligns Angola's framework more closely with international FATF recommendations.

While it doesn't specifically name "virtual asset service providers" or "cryptocurrency," it defines "reporting entities" (or "obliged entities") broadly to include financial institutions and designated non-financial businesses and professions (DNFBPs) that engage in activities susceptible to ML/FT. VASPs are typically brought under the scope of such laws either directly as financial institutions, as DNFBPs, or through subsequent regulatory directives from the central bank or financial intelligence unit.

**Individual Clients:** Obtain and verify identity (full name, address, date of birth, nationality, unique identification number from official documents like passport or national ID card).

**Legal Entities/Companies:** Obtain and verify legal name, registration number, address, articles of incorporation, details of beneficial owners (BOs) – identifying individuals who ultimately own or control more than a specified percentage (e.g., 25%) of the entity, senior managing officials, and proof of legal existence.

**Purpose and Nature of Business Relationship:** Understand the purpose and intended nature of the business relationship or transaction.

**Source of Funds/Wealth:** For high-risk clients or transactions, collect information on the source of funds or wealth involved.

**Ongoing Monitoring:** Continuously monitor the business relationship and transactions to ensure consistency with the institution's knowledge of the customer, their business, risk profile, and, where necessary, the source of funds.

**Politically Exposed Persons (PEPs):** Implement specific procedures to determine if a customer or beneficial owner is a PEP, and apply enhanced CDD (ECDD) measures, including senior management approval for establishing or continuing relationships with PEPs, and reasonable measures to establish the source of wealth and funds.

**Sanctions Screening:** Screen clients against national and international sanctions lists (e.g., UN Security Council sanctions).

**Risk-Based Approach:** Apply CDD measures on a risk-sensitive basis. More intense measures should be applied to higher-risk situations (e.g., complex transactions, non-face-to-face relationships, clients from high-risk jurisdictions, transactions involving large sums).

**Technology-Specific CDD:** For VASPs, this would include verifying wallet ownership where practical and maintaining transaction traceability.

**Obligation to Report:** Any transaction, attempted transaction, or activity that raises suspicion of money laundering, terrorist financing, or proliferation financing must be reported.

**Promptness:** Reports must be made promptly, typically within a few days of forming a suspicion.

**No Tipping-Off:** Reporting entities and their employees are prohibited from disclosing to the customer or third parties that an STR is being or has been filed.

**Immunity:** Reporting in good faith provides protection from legal liability.

**Customer Identification Records:** All documents and information obtained during the CDD process (e.g., copies of identification documents, business registration documents, beneficial ownership information).

**Transaction Records:** Details of all financial transactions, including amounts, currencies, dates, parties involved, and any specific notes or instructions.

**STRs and Related Information:** Copies of all suspicious transaction reports filed and any internal analysis or documentation supporting the suspicion.

**Duration:** Records must typically be kept for a minimum of **five to seven years** after the business relationship has ended or after the date of an occasional transaction.

**Unidade de Informação Financeira (UIF) – Financial Intelligence Unit:**

**Role:** The UIF is the central national authority responsible for receiving, analyzing, and disseminating suspicious transaction reports (STRs) and other relevant financial intelligence to law enforcement agencies for investigation and prosecution of ML/FT offenses. It also has a role in supervising compliance.

"**URL:** The official UIFA website is https://www.uifa.ao/. The UIF functions are defined in Law No. 5/20 and Lei n.º 34/11."

**Banco Nacional de Angola (BNA) – National Bank of Angola:**

**Role:** As the central bank, the BNA is the primary regulator and supervisor of financial institutions in Angola. While it hasn't issued specific VASP regulations, any financial entity operating in Angola (or performing financial-like services) falls under its general purview. It sets prudential rules and ensures compliance with AML/CFT obligations by regulated financial entities. Given the BNA's past warnings on crypto, it would be the likely body to issue any future VASP-specific licensing or AML directives.

**General Inspectorate of Finance (IGF):**

**Role:** The IGF often plays a role in supervising compliance across various sectors, particularly for non-financial businesses and professions, and ensuring adherence to financial regulations.

**Initial Stance:** The National Bank of Angola (BNA) initially issued warnings about the risks associated with cryptocurrencies.

**Aviso No. 02/2021 (Notice 02/2021) of the National Bank of Angola (April 20, 2021):** This notice prohibited financial institutions supervised by the BNA from engaging in activities related to virtual assets and warned the public about the risks. It also prohibited crypto payments and their use as legal tender.

*Legal Reference:* While often difficult to find official BNA notices online in English, the Portuguese version would be the primary source, e.g., search for "BNA Aviso 02/2021" on the BNA website if available.

**Current Regulatory Framework for VASPs:** Angola has since moved towards regulating VASPs to bring them under its AML/CFT framework.

Aviso No. 03/2023 of the National Bank of Angola (published March 9, 2023, effective ~April 8, 2023) establishes rules for foreign exchange operations by natural persons, including exemptions from licensing and bank account requirements for non-residents based on employment duration. It does not regulate Virtual Asset Service Providers (VASPs), virtual assets, or AML/CFT obligations for VASPs.

In Angola, BNA Aviso n.º 03/2023 is an exchange‑policy regulation governing how individuals may conduct foreign‑exchange operations; it does not place virtual asset service providers under Banco Nacional de Angola supervision or establish specific AML/CFT duties for VASPs.

**Angolan AML/CFT Law:** Angola has a foundational AML/CFT law that provides the legal basis for sanctions compliance.

Law No. 34/11 of December 12, 2011 has been superseded by Law No. 5/20 of January 27, 2020, which comprehensively revised and expanded the framework for prevention and combat of money laundering, terrorism financing, and proliferation of weapons of mass destruction. The new law expanded the definition of politically exposed persons (PEPs), broadened the scope of obligated entities, and strengthened supervisory powers of the Financial Intelligence Unit (UIF). VASPs status post-Aviso 03/2023 cannot be verified from available evidence.

*Legal Reference:* The official publication would be in the Angolan official gazette (Diário da República). An official English translation may be available via legal databases or the Financial Intelligence Unit (UIFA) website. UIFA is the key body responsible for receiving STRs.

**Requirement:** Angola is legally bound to implement all UN Security Council sanctions resolutions. These typically target individuals, entities, and sometimes specific regimes or activities (e.g., nuclear proliferation, terrorism).

**Implementation in Angola:** UN sanctions are generally implemented through Angola's national Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) legislation, which requires financial institutions (including VASPs) to screen against UN lists.

**Targeted Persons/Entities:** The UN maintains various sanctions lists, including those related to Al-Qaida, ISIS/Da'esh, the Taliban, proliferation (DPRK, Iran), and specific country-related regimes.

Angolan VASPs with cross‑border exposure should implement a risk‑based, multi‑list sanctions screening framework that includes the EU Consolidated Sanctions List where relevant (for example, when they deal with EU counterparties, access EU financial infrastructure, or otherwise pose EU sanctions exposure). Screening against the EU list is part of broader AML/CFT and Travel Rule controls and is not limited solely to situations involving identified EU customers, EU financial institutions, or EUR‑denominated transactions; obligations focus on overall sanctions risk rather than just those narrow triggers. Where EU sanctions apply, designated persons’ funds and economic resources must be frozen in line with EU restrictive measures.

Angola's general AML/CFT framework (see Section 2 below) serves as the domestic vehicle for implementing UN sanctions.

**Requirement:** OFAC sanctions primarily apply to 'U.S. persons' (U.S. citizens and permanent residents wherever located, entities organized under U.S. laws including foreign branches, and persons/entities in the U.S.). Non-U.S. persons are subject to sanctions for causing or conspiring with U.S. persons to violate sanctions, evading sanctions, or in certain programs involving reexports from the U.S. or foreign subsidiaries owned/controlled by U.S. persons.

**Targeted Persons/Entities:** OFAC designates individuals, entities, and sometimes specific cryptocurrency addresses (e.g., on the Specially Designated Nationals and Blocked Persons List - SDN List) under various sanctions programs (e.g., Russia, Iran, North Korea, Syria, terrorism, narcotics trafficking, cyber-related).

**Compliance for VASPs:** Any Angolan VASP dealing with U.S. persons, USD, or operating in a way that touches the U.S. financial system (which is common in crypto) must implement robust OFAC compliance. This includes screening against the SDN List and other OFAC lists, blocking prohibited transactions, and reporting to OFAC.

OFAC Sanctions List (SDN List): https://home.treasury.gov/policy-issues/financial-sanctions/sanctions-list-programs/specially-designated-nationals-and-blocked-persons-list-sdn-human-readable-lists

OFAC Guidance for the Virtual Currency Industry: https://home.treasury.gov/system/files/126/virtual_currency_guidance_final_10262020.pdf

**Requirement:** EU sanctions apply to all persons and entities operating within the EU, as well as EU nationals and entities operating anywhere in the world. Similar to OFAC, transactions involving EUR or EU-based entities can bring non-EU VASPs into the scope of EU sanctions compliance.

**Targeted Persons/Entities:** The EU implements both UN-mandated and autonomous sanctions regimes targeting individuals, entities, and sometimes specific sectors or geographical regions (e.g., Russia, Belarus, Iran, Syria, DPRK). The EU has also specifically targeted entities involved in crypto-asset services in some sanctions regimes (e.g., Russia).

**Compliance for VASPs:** Angolan VASPs engaging with EU customers, EU financial institutions, or transactions denominated in EUR should screen against the EU Consolidated Sanctions List. This requires freezing funds and economic resources of designated persons and entities.

EU Sanctions Map (Consolidated List): https://www.sanctionsmap.eu/

EU Council Regulations related to specific sanctions regimes (e.g., Council Regulation (EU) No 833/2014 concerning restrictive measures in view of Russia's actions destabilizing the situation in Ukraine, which includes crypto-asset restrictions).

**Regulator:** Banco Nacional de Angola (BNA)

**Entity Targeted:** General Public and Financial Institutions (no specific crypto entities named in public enforcement)

**Violation Type (Implied):** Operating unregistered or unregulated financial services, consumer protection risks, lack of legal tender status, money laundering risks.

**Penalty Amount:** Not applicable, as these were warnings, not direct penalties against entities.

Date: recent communications have been issued over the past few years, but the specific cited items are dated and not themselves ongoing as of mid-2026.

**Outcome:** Advising citizens against using cryptocurrencies, reminding financial institutions of their obligations regarding unregistered financial products, and reiterating that cryptocurrencies are not legal tender in Angola.

**Club of Mozambique:** "Angola: Central Bank issues new warning on Bitcoin and cryptocurrencies"