Angola Pledges Tighter Bank Regulation In Face Of Dollar Drought

Angola’s central bank has pledged to tighten financial regulation and step up anti-money laundering measures after two international banks halted US dollar supplies to the southern African nation. Bank of America and Standard Chartered decided to stop supplying greenbacks to Angolan banks late last year, apparently over concerns about lax regulation. The oil-dependent nation was one of Africa’s fastest growing economies over the last decade, but it is now grappling with the collapse in crude prices, which has led to a shortage of dollars in the economy. José Pedro de Morais, governor of the National Bank of Angola, told the Financial Times that the central bank had conducted a “fundamental revision of its regulatory framework” to ensure the financial system complies with international standards. He said 41 new regulations had been drafted since 2014, with 23 issued and the remainder to be published this year, covering issues ranging from bank licensing, external auditing, banks’ ownership structure and anti-money laundering. Read more. (Subscription required.)