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Angola estimates multi-million capital flight

Angola estimates multi-million capital flight

Luanda, Jul 20 (Prensa Latina) Over a billion dollars illegally stolen from Angola are currently frozen abroad, pending the completion of legal processes for their recovery, the government reported.
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The Attorney General of the Republic, Fernando Pitta Grós, explained that it is difficult to notify an exact amount of the money to be recovered, since there are investigations in process, and ‘as we obtain information, we will continue to pursue these values’, as quoted by the Jornal de Angola newspaper.

According to the Office of the Attorney General of the Republic, illicit transactions also contemplate real estate acquired with resources from the public treasury.

The issue returned to the media interest after the signing of a memorandum of understanding between the government and the Swiss Federal Council to facilitate the recovery of assets.

Pitta Grós, explained that it is difficult to notify an exact amount of the money to be recovered, since there are investigations in process, and ‘as we obtain information, we will continue to pursue these values’, as quoted by the Jornal de Angola newspaper.

The understanding with the Swiss authorities provides for cooperation in the fields of notification of judicial acts, collection of declarations, raids, spontaneous transmission of information, effective recovery of assets and freezing of capital, Grós explained. According to the ambassador of Switzerland, Nicolas Herbert Lang, the signing of the memorandum ratifies the will to contribute to the fight against financial crimes, especially embezzlement, bribery and money laundering to the detriment of the Angolan state.

No other state has so far returned more illicit funds to countries of origin than Switzerland, the diplomat noted.

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