ANGOLA, February 7 - A Draft Law on repatriation of financial resources deposited abroad was analysed on Wednesday at the First Session of Cabinet Council Meeting held in Luanda. ,

 

The information is expressed in a press release distributed at the end of the meeting, chaired by the President of Republic João Lourenço.

 

Under the Draft Law, forwarded to the National Assembly for debate, resident national citizens and companies based in the country and owning funds abroad and who intend to repatriate them in order to spur domestic investment, can do so voluntarily.

 

The Draft Law declines any liability arising from possible defaults, especially of a currency and fiscal nature.

 

At the same time, the said proposal endows the State with instruments for  coercive repatriation of undeclared and illicit financial resources.

 

The Bill is yet seen as another step in strengthening modernisation, stability and fighting financial crime, allowing a more harmonious development of the country.

 

Cabinet also analysed a proposal that regulates the introduction for the first time in the Angolan legal framework a defence system of competition.

 

The Angolan legal framework, which is also expected to be forwarded to National Assembly, will promote the competitiveness of the various economic agents.

 

The initiative will also ensure the efficiency in the allocation of the factors of production and distribution of goods and services.

 

The Session also approved the Master Plan of Viana municipality, Luanda province.

 

This is an instrument of territorial management aimed at integrating several actions within the framework of ongoing programmes, studies and projects underway.

 

The projects are those of the new Airport, Porto Seco, Special Economic Zone (ZEE) as well as road and rail infrastructures.

 

The meeting also approved new models of ID cards for the former combatants, the war-disabled and the families of the fallen or dead combatants.

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