April 4, 2017 / 2:06 PM / 9 months ago

Angola cbank eyes return of dollar clearing by start of 2018 -cbank

LUANDA, April 4 (Reuters) - Angola hopes to make its financial system compliant with international standards by the start of next year, the head of its central bank said, allowing commercial banks to resume dollar clearing operations in the country.

All dollar clearing by international banks for customers in Angola stopped in 2016 in response to the risk of financial crime and inadequate supervisory safeguards.

Angolan authorities were two thirds of the way to meeting compliance criteria for their resumption, central Bank head Valter Filipe da Silva said on state TV late on Monday.

Angola was seeking technical assistance from the U.S. government and Federal Reserve to help resolve remaining issues. “That is going to be completed by the end of this year, or the beginning of next year”, he said.

The Financial Action Task Force (FATF), an international money-laundering watchdog, early last year removed the southern African country from the blacklist of non-compliant nations it had been on since 2010. (Reporting by Herculano Coroado; editing by John Stonestreet)

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