2. According to the legal framework at that time, namely Law no. 3 / V / 96, of 1 July, and Decree-Law no. 12/2005, of 7 February, the authorization for the operation of the credit institutions was the responsibility of the Government, through the Finance Minister.
3. This situation remained until May 2014, the date on which a completely new and different regulatory framework for the financial system came into force, namely Law No. 61 / VIII / 2014, of 23 April, which “defines the guiding principles and the normative framework of reference for the financial system ”(Basic Law of the Financial System) and Law No. 62 / VIII / 2014, of the same date, which“ regulates the Activities of Financial Institutions ”(LAIF).
4. With the approval of the above mentioned Basic Law for the Financial System, authorization for the operation of credit institutions, of any nature, became the exclusive competence of Banco de Cabo Verde. Furthermore, those formerly known as the IFI was renamed as the Restricted Authorization Credit Institution (ICAR), with a very stringent supervisory framework.
5. The Ministry of Finance, through Ordinance No. 37/2013, of July 24, authorized, exceptionally, the acquisition, by a group of private investors, of the entire share capital of BPN - Banco Português de Negócios , IFI. Consequently, the name BPN, IFI was changed to Banco BIC Cabo Verde, IFI, currently Banco BIC Cabo Verde, ICAR.
6. As of the date of this press release, Isabel dos Santos indirectly holds, through Santoro Financial Holdings, SGPS, SA and Finisantoro Holding Limited, 42.5% of the share capital of Banco BIC Cabo Verde, ICAR, but doesn´t exerce any function in the governing bodies of the institution.
7. Cabo Verde, similarly to what has been happening across all latitudes, has developed, in recent years, a broad program of reforms in its financial sector, with a view of creating a solid and efficient institutional framework, through the incorporation of internal rules and regulations of the best principles and practices recommended by international reference institutions.
8. In this context, in addition to the approval, in 2014, of the aforementioned Law on the Financial System and LAIF, two important laws were also approved, namely: i) Law no. 38 / VII / 2009, of 27 April, as amended by Law No. 120 / VIII / 2016, of March 24, which “establishes measures to prevent and suppress the crime of money laundering ” (PLC); and ii) Law No. 27 / VIII / 2013, of 21 January, amended by Law No. 119 / VIII / 2016, of 24 March, which “establishes preventive and repressive measures against terrorism and its financing ”(CFT), reinforcing considerably the Anti-Money Laundering / Combating the Financing of Terrorism ( AML / CFT ) framework.
9. Following the approval of the aforementioned laws, Banco de Cabo Verde, as the Regulatory and Supervisory Authority of the national financial system, has issued, in the last five years, a vast set of regulations aimed at strengthening the corporate governance system of financial institutions. Furthermore, the on-site and off-site inspection activity was considerably reinforced.
10. Particular attention has been given to the internal control mechanisms of these institutions, as a way of ensuring greater efficiency in the management and control of associated risks, namely those of money laundering and the financing of terrorism. Due diligence concerning fit and proper requirements has been reinforced for the potential buyer and managers.
11. Within the scope of AML/CFT, 90% of credit institutions have already been subject to on-site inspections, resulting in administrative penalties and fines for non-compliance with the regulations.
12. BCV has been accompanying Banco BIC Cabo Verde, from its creation to the present date, the last on-site inspection was done in late 2018, which focused on compliance with the rules regarding the prevention of money laundering and combating the financing of terrorism, which is still an ongoing process.
13. Depending on the outcome of the process, Banco de Cabo Verde will act accordingly.
14. BCV will continue to be attentive to information related to Banco BIC Cabo Verde, ICAR, in order to take, in time, any measures that may prove necessary.