Last Updated: 04/05/2012
CENTRAL AUTHORITY FOR REPORTING
The Financial Information Unit
OTHER ANTI-MONEY LAUNDERING REGULATOR(S)
ARE LAWYERS COVERED BY ANTI-MONEY LAUNDERING LEGISLATION?
The Law is applicable to credit institutions, financial companies, insurance companies, pension fund managers, stock exchanges, casinos, foreign exchange bureaus and loan companies, payment issuance and management services, companies managing individual and corporate assets headquartered in Angolan territory, as well as their respective branches, agencies, affiliates or other forms of representation, and other institutions whose activity entails the provision of services, i.e. certified public accountants, accountants, auditors, public notaries, registrars, lawyers, solicitors and other independent professionals who work on behalf of a client in a broad spectrum of areas or in operations in other circumstances.
LIST THE LAWS REGARDING ANTI-MONEY LAUNDERING, INDICATING WHICH LAWS ARE APPLICABLE TO LAWYERS.
Law n. 34/11 of 12 December 2011 - Anti-Money Laundering and Countering Financing of Terrorism Law
ARE VISITING LAWYERS SUBJECT TO LOCAL LAWS REGARDING ANTI-MONEY LAUNDERING, AND, IF SO, TO WHAT EXTENT?
Yes. Visiting Lawyers must comply with the following general obligations:
a) Obligation of identification;
b) Obligation of due diligence;
c) Obligation of refusal;
d) Obligation of record-keeping;
e) Obligation of communication;
f) Obligation of abstention;
g) Obligation of cooperation;
h) Obligation of secrecy;
i) Obligation of control; and
j) Obligation of training.
LIST ANY MONEY LAUNDERING GUIDANCE FOR LAWYERS (FOR EXAMPLE, LAW SOCIETY OR BAR ASSOCIATION GUIDELINES) CURRENTLY IN PLACE.
IS THE LAW SOCIETY/BAR ASSOCIATION INVOLVED IN SUPERVISING OR ENFORCING COMPLIANCE WITH ANTI-MONEY LAUNDERING REGULATIONS?
Lawyers shall communicate suspicious operations to the Angolan Law Bar Association. The inspection of compliance with the obligations shall be performed by the Bar Association.
DESCRIBE CLIENT DUE DILIGENCE REQUIREMENTS, INCLUDING WHEN IT MUST BE UNDERTAKEN BY LAWYERS.
Apart from identifying clients, their representatives and the effective beneficiaries, reporting entities shall:
a) Obtain information on the purpose and intended nature of the business relationship;
b) Obtain information on clients that are legal persons or legal arrangements, which provide an understanding of the ownership and control structure of the client;
c) Obtain information, where the risk profile of the client or characteristics of the operation thus justify, on the origin and destination of the funds sent within the scope of a business relationship or the conduct of a occasional transaction;
d) Conduct on-going monitoring of the business relationship in order to ensure that such operations are consistent with the information that the institution has on the client, his businesses and his risk profile, including, where necessary, the source of the funds; and
e) Keep up-to-date all information obtained during the course of the business relationship.
DOES YOUR COUNTRY FOLLOW A RISK-BASED APPROACH TO CLIENT DUE DILIGENCE BY LAWYERS?
When complying with the obligations of identification and due diligence reporting entities may adapt the nature and extent of the verification procedures and due diligence measures based on the risk associated with the client, the business relationship, the transaction and the origin or destination of the funds.
Reporting entities shall be in a position to prove the adaptation of the procedures adopted, pursuant to the terms of the above paragraph, whenever they are requested to do so by competent supervisory or inspection authorities.
Reporting entities shall adopt policies or measures that may be necessary to avoid the abusive use of new technology in schemes of money laundering and financing of terrorism.
ARE THERE ENHANCED DUE DILIGENCE MEASURES FOR CERTAIN TYPES OF CLIENTS, FOR EXAMPLE, POLITICALLY EXPOSED PERSONS?
Reporting entities shall apply enhanced due diligence measures to clients and operations in function of their nature, complexity, volume, unusual character, lack of economic justification or possibility to fit into a type of legal crime.
Reporting entities shall seek information from the client on the origin and destination of the funds and record in writing the outcome of such measures, which shall be made available to the competent authorities.
Enhanced due diligence measures shall always be applicable to non-face to face transactions, especially to those that may favour the anonymity, operations carried out with Politically Exposed Persons, correspondent banking transactions with financial banking institutions incorporated in third countries, as well as to other operations as may be designated by the supervisory or inspection authorities of the respective sector, provided that they are legally endowed to this effect.
In cases whereby the operation takes place without the client, or, where applicable, his representative or beneficial owner, being physically present, the verification of identity may be complemented with additional documents or information that may be adequate for the verification or certification of the data provided by the client.
ARE THERE SIMPLIFIED DUE DILIGENCE MEASURES FOR CERTAIN TYPES OF CLIENTS, FOR EXAMPLE, LISTED COMPANIES?
When the client is the State or a public corporation, of any kind, that is part of the central or local administration.
When the client is a public authority or organ that is subject to transparent accounting practices and object of audit.
Reporting entities shall, in any case, collect sufficient information to verify if the client fits within one of the categories or professions, as well as monitor the business relationship in order to be able to detect complex transaction or abnormally high amount that does not seem to be for economic objective or legal purpose.
ARE LAWYERS PERMITTED TO RELY ON THIRD PARTY DUE DILIGENCE? IF YES, PLEASE DESCRIBE.
WHEN IS A LAWYER UNDER AN OBLIGATION TO REPORT SUSPICIOUS TRANSACTIONS?
Lawyers shall inform the Financial Information Unit on suspicious operations.
DOES ATTORNEY/CLIENT PRIVILEGE AND/OR DUTIES OF CONFIDENTIALITY PROVIDE A DEFENCE OR PARTIAL/TOTAL EXCEPTION TO THE REQUIREMENT TO REPORT SUSPICIOUS TRANSACTIONS?
Lawyers are not covered by the obligation of communication, as related to information obtained within the context of evaluating the legal status of the client, within the scope of legal counsel, during the exercise of their duties, or as regarding judicial procedure, including advice on how to propose or avoid a court action, as well as information obtained prior to, during or after the process.
DOES LOCAL LAW PROVIDE ANY CRIMINAL AND/OR CIVIL INDEMNITY TO A LAWYER WHO HAS REPORTED A SUSPICIOUS TRANSACTION?
ONCE A SUSPICIOUS TRANSACTION REPORT HAS BEEN FILED, IS A LAWYER ALLOWED TO PROCEED WITH THE LEGAL ADVICE/TRANSACTION, AND, IF SO, MUST CONSENT FROM AUTHORITIES BE OBTAINED FIRST?
IS THERE A TIPPING-OFF PROHIBITION? IF YES, PLEASE DESCRIBE.
Reporting entities and the members of the respective management bodies, or those performing administration functions, management or in a leadership position, their employees, representatives or other persons that provide services in a permanent manner, temporary or occasionally, shall not disclose to the client or third parties, that they communicated information legally required or that a criminal investigation is being carried out.
DESCRIBE ANY RESTRICTIONS ON ACCEPTING A NEW CLIENT.
Whenever it is noted that a certain operation demonstrates reasonable evidence and is likely to configure a crime, the reporting entities, shall refrain from carrying out any operations related to the request of the client and await for the decision of the Financial Information Unit.
ARE THERE ONGOING MONITORING REQUIREMENTS FOR EXISTING CLIENTS? IF YES, PLEASE DESCRIBE.
Reporting entities shall keep for a period of ten years, from the date that the transaction was conducted or after the end of the business relation, at least the following documents:
a) Copies of documents or other electronic supporting proofs of the compliance with the obligation of identification and due diligence;
b) Record of the transactions which should be sufficient for a reconstitution of each operation, in order to provide, where necessary, proof within the scope of criminal proceedings;
c) Copy of all business correspondence exchanged with the client; and
d) Copy of the communications sent by the reporting parties to the Financial Information Unit and other competent authorities.
DESCRIBE ANY OTHER WAYS IN WHICH LAWYERS ARE AFFECTED BY ANTI-MONEY LAUNDERING LEGISLATION.
HAVE LAWYERS IN YOUR JURISDICTION BEEN IMPLICATED IN MONEY LAUNDERING, INCLUDING ANY TYPE OF COMPLAINT, ARREST OR PROSECUTION?
To the best of our knowledge, no.
HAS THE FINANCIAL ACTION TASK FORCE (FATF) OR A FATF-STYLE REGIONAL BODY CONDUCTED A MUTUAL EVALUATION OF THIS COUNTRY, AND, IF SO, WHAT WERE THE FINDINGS CONCERNING LAWYERS’ COMPLIANCE WITH THE FATF 40+9 RECOMMENDATIONS?
In June 2010, Angola made a high-level political commitment to work with the FATF to address its strategic AML/CFT deficiencies. Since October 2011, Angola has taken steps towards improving its AML/CFT regime, including by enacting a new AML/CFT Law. However, the FATF has determined that certain strategic AML/CFT deficiencies remain. Angola should continue to work on implementing its action plan to address these deficiencies, including by: (1) adequately criminalising money laundering and terrorist financing (Recommendation 1 and Special Recommendation II); (2) ensuring a fully operational and effectively functioning Financial Intelligence Unit (Recommendation 26); and (3) establishing and implementing an adequate legal framework to identify and freeze terrorist assets without delay (Special Recommendation III). The FATF encourages Angola to address its remaining deficiencies and continue the process of implementing its action plan.
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