Benguela: The deputy governor of the Banco Nacional de Angola (BNA), Domingos Pedro, on Thursday called for greater cooperation among the member states of the Southern African Development Community (SADC) to establish a regulatory and supervisory framework that ensures common financial stability. The BNA official made the statement at the meeting of the Sub-Committee on Banking Supervision and Financial Stability of the SADC Central Banks, held in Benguela, to assess the implementation of strategic actions for the period 2023-2026, with a focus on regional financial stability.
According to Angola Press News Agency, Domingos Pedro emphasized that cooperation among SADC member states in terms of regulation and supervision is crucial for ensuring regional financial stability, especially in a globalized financial ecosystem. He highlighted the importance of adhering to the recommendations of the Financial Action Task Force on Preventing and Combating Money Laundering and Terrorist Financing.
Pedro stated, "Safeguarding financial stability requires greater cooperation among countries, including in the development of sound and effective rules and institutions that maintain confidence and support financial integration and regional economic growth." He further mentioned the significant role of central banks in harmonizing regulatory and supervisory standards, essential for a successful transition towards regional integration while maintaining the soundness and stability of the financial system in the SADC region.
The Strategic Focus Areas (SFA) agenda, which outlines the strategic plan for the sub-committee, aims to prepare a regional stability report, develop and operationalize a regional crisis management resolution framework, and oversee digital services, cybersecurity, and climate risk issues. Over the three-day meeting, SADC central bank governors and experts from the Bank of England will discuss the implementation of the Financial Action Task Force (FATF) recommendations on preventing and combating money laundering, terrorist financing, and the proliferation of weapons of mass destruction.
Alongside Angola, which joined the FATF gray list in October 2024, the SADC region includes South Africa, the Democratic Republic of Congo (DRC), Mozambique, and Tanzania. The meeting will also focus on analyzing the basic principles of effective banking supervision, the framework for cross-border crisis resolution and management, macro-prudential policies, harmonization of banking regulation and supervision tools, provision of information on credit liability, and the development of banking regulation and supervision technologies.