CAPE VERDE - FINANCIAL SYSTEM

07/05/2014

The economic activity of financial institutions in Cape Verde has changed significant with the recent approval of the New Law of the Financial System and with the law that regulates the Activity of Financial Institutions.

The New Law of the Financial System (Law 61/VIII/2014) is applicable to financial institutions and financial system auxiliary institutions having their head office, permanent establishment or any other form of representation in Cape Verde.

It is also applicable to all financial transactions and financial contracts involving residents in Cape Verde that are not financial institutions.

In turn, the law that regulates the Activity of Financial Institutions (Law 62/VIII/2014) regulates the establishment proceeding of financial institutions and auxiliary institutions of the financial system in Cape Verde.

The laws shall enter into force on May 23, 2014.

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