LAWS
NATIONAL ASSEMBLY
Law nº. 06/24, of June 3 (entered into force on the date of its publication) - approved the Law on Insurance Mediation and Brokerage and repealed Executive Decree no. 7/03, of January 24. According to this law, insurance intermediaries are classified as insurance agents, ancillary insurance intermediaries and insurance brokers. Consequently, there is no longer any such thing as an insurance broker. Also under the terms of the aforementioned law, Banking Financial Institutions may now carry out insurance mediation activities, provided that they notify the National Bank of Angola in advance and are registered with the Insurance Activity Supervisory Body;
Law nº. 7/24, of June 17 (entered into force on the date of its publication) - amended the Anti-Doping in Sport Law (Law no. 1/24, of May 6). This law stipulates that the National Anti-Doping Council (CDA) must be created at the proposal of the Ministerial Department responsible for the area of Sport, and must be absolutely independent, as well as having functional, administrative and financial autonomy. On the other hand, it determines that the CDA has the power to decide on disciplinary infractions arising from anti-doping rule violations, both at first instance and on appeal.
PRESIDENTIAL DECREES
PRESIDENT OF THE REPUBLIC
Presidential Decree nº. 126/24, of June 14 (entered into force on the date of its publication) - approved the Family Farming Acceleration Program. This Program focuses mainly on Family Farms (EAF), fundamentally developed in agricultural and livestock systems, using intensive and/or extensive family labor, on small plots of land. The aforementioned program has the following objectives: a) Accelerate agricultural production and productivity, production of family forestry products, oriented towards the market; b) Strengthen levels of technical training and increase funding for the family farming sub-sector in a decentralized, simple and unbureaucratic manner; c) Increasing the number of jobs, raising family incomes and, consequently, economic growth; and d) Improve levels of food and nutritional security, as well as self-sufficiency in some food products, allowing for satisfactory levels of domestic consumption capable of mitigating situations of economic and social vulnerability;
Presidential Decree nº. 127/24, of June 18 (entered into force on the date of its publication) - approved the Sustainable Investment Facilitation Agreement between the Republic of Angola and the European Union. The aim of this law is to facilitate the attraction, expansion and retention of foreign direct investment between the Parties, for the purposes of economic diversification and sustainable development. Under the terms of this statute, the Parties must provide investors and people wishing to invest in their territory with information on national suppliers. On the other hand, each Party must maintain or establish appropriate investment facilitation focal points, which will serve as the first point of contact for investors with regard to measures affecting investment;
Presidential Decree nº. 128/24, of June 19 (came into force on June 20, 2024) - authorized the Additional Credit in the General State Budget for the 2024 Financial Year, to support the running costs of the National Assembly, in the amount of Kz. 30,986,561,607.50 (thirty thousand, nine hundred and eighty-six million, five hundred and sixty-one thousand, six hundred and seven kwanzas and fifty cents);
Presidential Decree nº. 135/24, of June 26 (entered into force on the date of its publication) - approved the Agreement between the Government of the Republic of Angola and the Government of the United Republic of Tanzania on Visa Exemption for Diplomatic and Service/Official Passports. This decree states that citizens of each of the Parties, holding a valid Diplomatic or Service/Official Passport, are exempt from requiring a visa to enter, leave, transit and stay temporarily in the territory of the other Party for a maximum period of 90 (ninety) days per year, from the date of first entry.
PRESIDENTIAL DISPATCHES
PRESIDENT OF THE REPUBLIC
Presidential Dispatche nº. 130/24 of June 11 (entered into force on the date of its publication) - set up the new Justice and Law Reform Commission "CRJD", for the financial year between June 2024 and June 2027, coordinated by the Minister of Justice and Human Rights. The CRJD must submit periodic quarterly reports and a final report on its activities to the Head of Executive Power.
LETTERS OF ACCESSION
PRESIDENT OF THE REPUBLIC
Letter of Accession nº. 3/24, of June 19 - Establishes and guarantees the strict observance of the Statutes of Africa 50, adhered to by Angola through Resolution no. 43/24, of May 23.
LETTERS OF APPROVAL
PRESIDENT OF THE REPUBLIC
Letter of Approval nº. 4/24, of 19 June - Guarantees the strict observance of the Agreement for the Liberalization, Promotion and Protection of Investments between the Government of the Republic of Angola and the Government of Japan.
LETTERS OF RATIFICATION
PRESIDENT OF THE REPUBLIC
Letter of Ratification nº. 13/24, of June 19 - Establishes and guarantees the strict observance of the SADC Protocol on Statistics.
EXECUTIVE DECREE
MINISTRY OF AGRICULTURE AND FORESTS
Executive Decree nº. 121/24 of June 10 (entered into force on the date of its publication) - approved the quotas for roundwood, firewood and charcoal for forestry licensing in the 2024 Forestry Campaign. The quotas for roundwood, firewood and charcoal vary according to their volume per species and the province in which they are harvested, as per the annex to the aforementioned decree.
EXECUTIVE DECREE
MINISTRY OF PETROLEUM
Executive Decree nº. 134/24 of June 24 - Extends the Initial Exploration Phase of the Block 27 Concession Area for a period of 2 (two) years, starting on July 1, 2024.
INSTRUCTIONS
NATIONAL BANK OF ANGOLA
Instruction nº. 05/24, of June 12 (came into force on June 12) - defined the reporting model that Non-Banking Financial Institutions (NBFIs) must observe within the scope of Preventing and Combating Money Laundering, Terrorist Financing and the Proliferation of Weapons of Mass Destruction. According to this Instruction, NBFIs must carry out an annual institutional risk assessment. On the other hand, NBFIs must implement or adapt IT tools and applications aimed at Preventing and Combating Money Laundering, Terrorist Financing and the Proliferation of Weapons of Mass Destruction. Also according to this Instruction, IFNBs must send the BNA the report on Combating and Preventing Money Laundering, the Financing of Terrorism and the Proliferation of Weapons of Mass Destruction by December 30, 2024;
Instruction nº. 06/24, of June 12 - updated the existing rules regarding the mandatory reserves to be kept by Banking Financial Institutions under BNA supervision and came into force on June 13.
DIRECTIVES
NATIONAL BANK OF ANGOLA
Directive nº. 03/24 of June 5 - Establishes the Basic Interest Rates (BNA Rate), the Permanent Liquidity Provision Facility (FCO) and the Permanent Liquidity Absorption Facility (FAL), having entered into force on the date of its publication. Under the terms of the aforementioned Directive, the above-mentioned rates are as follows: a) BNA Basic Interest Rate (BNA Rate): 19.5% (nineteen percent); b) Permanent Liquidity Provision Facility Interest Rate: 20.5% (nineteen point five percent); and c) Liquidity Absorption Standing Facility Interest Rate: 18.5% (eighteen point five percent).
Directive 04/24 of June 17 - Determines the Requirements for Calculating and Complying with Mandatory Reserves, which came into force on the date of its publication). Under the terms of the aforementioned Directive, the base period for calculating Mandatory Reserves in national and foreign currency is monthly. On the other hand, banks must consider deposits from May 1, 2024 for the purposes of establishing the reserve base for the calculation of Mandatory Reserves.
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