Area of applicability
1. The provisions of this chapter are applicable, regardless of the nationality of the agent.
2. The following facts that infringe this law, are considered infractions, if:
a) acts perpetrated in Angolan territory;
b) acts perpetrated on foreign territory by banking or non-banking financial institutions with registered office in Angola or which operate there through branch offices, or individuals who, relative to such entities are in any of the situations provided for in number 1 of article 124 of this law;
c) acts perpetrated on board Angolan ships or aircrafts, except where there is a treaty or convention to the contrary.
The perpetration of the infraction covered by this section may be imputed, jointly or otherwise, to individuals or companies or institutions, even when irregularly constituted.
Responsibility of companies or institutions
1. Companies and institutions, even if irregularly created, are liable for any infractions by members of their respective bodies and by holders of management positions, in the exercise of their duties, and also for infractions perpetrated by representatives of the company in the execution of acts on behalf of it.
2. The invalidity or legal ineffectiveness of the acts, which form the basis of the relationship between the individual agent and the company, does not affect the application of the provisions of the previous number.
Responsibility of individual agent
1. The responsibility of the company does not absolve from responsibility individual members of the respective bodies, holders of capital shareholdings, those who exercise management duties or those who act as representatives,
legally or voluntarily.
2. Individual agents who represent a third party are nonetheless responsible for the fact that the specific type of illicit act committed requires certain personal elements and those are only reunited in the person of the represented, or the fact that the agent has committed the act on his own initiative and in his own interest, even though in the name of the party represented.
Attempted crime and negligence
1. Attempted crime and negligence are always punished.
2. The sanction for attempted crime is the same as for proven illicit acts, with maximum and minimum limits reduced by a third.
3. In cases of negligence the maximum and minimum limits of the fine are reduced by a half.
4. When the responsibility of the individual agent is attenuated in terms of the previous numbers, the corresponding sanction applicable to the company is modified accordingly.
Graduation of the sanction
1. Fines and accompanying sanctions are determined as a function of the objective and subjective seriousness of the infraction, taking into account the individual or collective nature of the agent in question.
2. The seriousness of the infraction committed by the company is evaluated in relation to the following circumstances:
a) danger or damage caused to the financial system or the national economy;
b) singular or repeated nature of the infraction;
c) attempts at concealment to make discovery of the infraction more difficult, or reduce the efficiency of the applicable sanction;
d) acts of the initiative of the accused to repair the damage or to avoid the danger caused by the infraction.
3. For individual agents, besides the circumstances corresponding to those enumerated in the previous number, the following also enter into consideration:
a) level of responsibility and scope of action of the company or institution in question;
b) benefit or intention to gain benefit for the person, spouse or close relative, or other close relatives;
c) special responsibility for not committing such infraction.
4. In determining the applicable sanction, besides the seriousness of the infraction, the following is taken into account:
a) the financial situation of the accused;
b) the previous conduct of the accused.
5. The attenuating circumstance of repairing the damage or minimizing the danger, when carried out by the company should be imputed to all individual agents, even though they may have made no personal contribution.
6. Whenever possible the fine should exceed the financial benefit that the accused or the prospective beneficiary would receive from the infraction.
Failure to comply with duty
Whenever the infraction arises from a failure to comply with a duty, the application of the sanction and the payment of the fine do not absolve the infractor from compliance, if such is still possible.
1. Proceedings for the transgressions covered in this law are limited to five years.
2. The statute of limitations for sanctions is five years, counting from the day when the judicial appeal period against the decision to apply sanctions, or the day on which the judicial decision becomes binding and effective.
3. Additional fines and sanctions are limited to the same period, counting from the day of the final sentence.