Recent Regulatory Changes (2024-2026)
Angola’s financial regulatory framework has undergone significant development over the 2024-2026 period, driven by FATF compliance efforts, capital markets deepening, and the broader economic reform agenda. This page tracks the most material regulatory changes affecting investors and market participants.
2026 Developments
- BNA Policy Rate Hold (January 2026): The CPM maintained the policy rate at 17.5%, signaling a cautious stance amid inflation of 15.7% (December 2025) and Brent crude at approximately $74.50/bbl
- Enhanced AML/CFT Supervision: The BNA issued updated guidance on risk-based AML/CFT supervision for banks, implementing commitments under the FATF action plan
- CMC Disclosure Rules: Updated requirements for timely disclosure of material events by BODIVA-listed companies, reducing the notification window
2025 Developments
- Pension Fund Investment Rules: ARSEG revised investment allocation limits for supplementary pension funds, increasing the permitted allocation to BODIVA-listed equities
- Beneficial Ownership Registry: The Ministry of Justice advanced the pilot beneficial ownership registry for legal entities, a key FATF requirement
- FX Market Liberalization: The BNA introduced measures to increase interbank FX market liquidity, including expanded participation criteria for non-bank financial institutions
- Capital Adequacy Update: BNA revised capital adequacy calculation methodology to better align with Basel III standards, with phased implementation through 2027
- CMC Fund Management Regulations: Updated rules for SGOICs covering valuation methodology, risk management, and investor disclosure
2024 Developments
- BODIVA Market Growth: BODIVA recorded 10,328 equity transactions, reflecting increased market participation following the listing of additional equities
- Tax Reform: The Administracao Geral Tributaria (AGT) clarified IAC withholding procedures for non-resident investors using Aviso 15/19 investment accounts
- Data Protection Enforcement: The APD conducted its first major compliance reviews under Lei 22/11, focusing on financial institutions
- Insurance Solvency: ARSEG introduced enhanced solvency reporting requirements for insurers, with quarterly submissions mandatory from Q1 2025
Impact Summary
| Area | Direction | Key Change |
|---|---|---|
| AML/CFT | Tightening | Risk-based supervision, beneficial ownership transparency |
| Capital Markets | Liberalizing | Expanded disclosure rules, updated fund management framework |
| Banking | Mixed | Capital adequacy strengthening, FX market liberalization |
| Insurance/Pensions | Liberalizing | Higher equity allocation limits for pension funds |
| Tax | Clarifying | Clearer non-resident investor withholding procedures |
For upcoming expected changes, see upcoming regulatory changes. For the full regulatory calendar, see regulatory calendar.