Law No. 7/26 of 19 August has introduced a mandatory regime for the identification, registration, disclosure and availability of information on the Beneficial Owner of legal entities through the Central Beneficial Ownership Register ("CBOR").

The regime applies to commercial companies, branches, law firms, associations, foundations, NGOs, cooperatives, trade unions, political parties, consortia, trusts and various other private entities (whether domestic or foreign) operating in Angola.

Entities subject to the new framework will be required to: (i) declare their beneficial owners; (ii) update the information whenever relevant changes occur; (iii) submit an annual confirmation of the information by 31 March of each year; and (iv) report any changes within a maximum period of 15 days.

Failure to comply with these obligations may result in significant fines, ancillary sanctions and criminal liability in cases involving false declarations. Fines may reach up to AOA 50,000,000 for certain categories of entities.

The law entered into force on the date of its publication. However, the operational implementation of the CBOR remains subject to further implementing regulations yet to be approved, as well as the designation of the authority responsible for its management and supervision.

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