14 Sept 2023: Greater Access to Foreign Currency in Tanzania, Beneficial Ownership in Nigeria, and More on Mozambique's New Labour Law

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Tanzania - by Bowmans

Amendment to the Foreign Exchange Regulations

In a significant development, the Foreign Exchange Regulations, initially published in May 2022, have undergone crucial amendments through the Foreign Exchange (Amendment) Regulations, 2023, released on 1 September 2023 via Government Notice No. 622. The amendments introduced by the Amendment Regulations are aimed at fostering greater access to foreign currency while reinforcing compliance under the Tanzanian foreign exchange regime. Continue reading

Nigeria - by ?LEX

The Beneficial Ownership Register: implementing the Financial Action Task Forces recommendations on money laundering and terrorism financing in Nigeria

Section 119 of the Companies and Allied Matters Act 2020 (CAMA 2020), in conjunction with the Persons with Significant Control Regulations 2022, requires companies, Limited Liability Partnerships, and by extension, foreign exempted companies under section 80 of CAMA 2020 and government-owned entities in Nigeria to disclose details of their beneficial owners and those with significant control over the company. This is in line with global efforts to combat money laundering, terrorist financing, and other illegal activities. Section 119(3) mandates the Corporate Affairs Commission to maintain a register of persons with significant control, also known as the Beneficial Ownership Register in the relevant entities. Continue reading

Mozambique - by Sal & Caldeira Advogados

Publication of the New Labour Law

The new Labour Law, Law no. 13/2023, of 25 August, was published in the Official Gazette on 25 August 2023. It repeals Law no. 23/2007, of 01 August, but it can only be applied as of 21 February 2024, so facts that were constituted or started before that date, namely those relating to the probationary period, holidays, forfeiture and prescription periods, formalities for applying disciplinary penalties and termination of employment contracts will continue to be governed by Law no. 23/2007, of 01 August. Continue reading

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DRC

Canada-headquartered mining junior Tantalex Lithium secures the backing of Swiss-based Glencore for the development of a lithium mine which would be DRC’s first.

Kenya

Central Bank of Kenya governor Kamau Thugge says the risk of money laundering and terrorism financing has increased with the boom of cryptocurrency in the country and calls for better regulation.

Angola

Banco Nacional de Angola (central bank) fines Banco Millennium Atlantico, Banco Angolano de Investimentos (BAI) and Banco Keve a combined $151,965 for various contraventions such as failing to comply with rules on interbank transfer operations.

Egypt

President Abdel Fattah El-Sisi meets with his Turkish counterpart, Tayyip Erdogan.

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