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Bank of America “uncomfortable” with the use of dollars in Angola

New supervisory rules in the US have been the reason for the suspension of sales dollars. The suspension of the sale of dollars to banks in Angola continues to be talked about. After the US Embassy in Luanda has issued a statement denying that the US government has taken this decision, the Economic Weekly, in this week brings two articles on the future of transactions in the country. Bank of America decided last week to stop selling dollars to South Africa’s First National Bank, intermediate on the continent with license to sell that currency.

The measure will take effect later this month. Initially the news was aired as the Federal Reserve of the United States (Fed) had made the decision, which prompted the embassy of that country in Angola to make the denial, but what the Economic Weekly is now disclose is that they were the requirements of Fed were behind the decision of the Bank of America.

Quoting an Angolan bank unidentified source, the weekly reports that Bank of America had been showing “uncomfortable” with the use of dollars in Angola and the lack of justification of national institutions for the import of USD five million per year. Bank of America is also bothered by the fact that the return of damaged ballots not reach the minimum registered in lower than the Angolan market, “he says. For a US banking source, the decision of the Bank of America is “purely commercial and is bound by its obligations to the Fed.” The opinion piece by Carlos Rosado de Carvalho, published Friday in the expansion, supports this same idea. “Obviously, with problems, who pays the fines is the Bank of America and not the First Bank nor the Angolan banks, entities that the Fed know.

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Ie who makes the decision to stop selling dollars to the Angolan banks are Bank of America but, deep down, do it because they do not want to have problems with the Fed. Which means that, indirectly, is the Fed that is caused the suspension of sales of dollars to Angola. As much as the US Embassy in Luanda make communicated to deny. ” At issue are reports of people traveling with large sums of money that may have served to money laundering and terrorist financing. On Economic, a complete source the time when people went out with large amounts of cash over.

“This is the best way to stay in line with international practices and the handling of dollars, is the handling of any other currency.” “The richness of each one of us has reduced by 50 percent. With a barrel this price will not be possible to do everything that was done. ” The question now is how to put the currency transactions will be carried out.

The solution is to use credit, debit, prepaid, bank transfers and related instruments, according to the same source. In another article, that weekly also shows that the tightening in the US banking system could lead to the departure of international banks, including Standard Chartered at the end of the year.

The City Bank and HSBC decided to abandon its business in Angola after a survey by the US Congress, in which they were detected gray areas in the operations of those banks. “HSBC paid a hefty fine. After that decided to leave, “said an official source. On 3 December the World Bank will host a meeting in Cape Town, South Africa, on the interests of all parties – foreign and domestic banks that rely on dollars. And in January Angola will have the visit of experts from the International Financial Action Task Force, which will assess the evolution of anti-money laundering in the country.

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