Tuesday, July 14, 2020


Article Index

E. São Tomé e Príncipe

Two laws enacted towards the end of 2010 that had an impact in 2011 are the Decree-Law No. 13/2010, of December 28, 2010, and Law No. 9/2010, of September 27, 2010. The former creates and regulates the National Payments System, setting forth the principles and basic provisions governing the structure, functioning and managementthereof. This is deemed as a structured systematic set of entities, services, payment instruments and procedures [to] facilitate the transfer of funds and to increase the circulation of currency in the economy.

Law No. 9/2010, of September 27, 2010, amended the Law on Prevention and Repression of Money Laundering and Terrorism Financing, which aims to prevent and combat money laundering activities and economic and organized crimes. For this purpose, the new set of rules establishes both preventive and repressive measures against financial institutions that conduct illegal activities, including offshore banks with registered offices in the Santomean territory.

Vernellia R. Randall
Founder and Editor
Professor Emerita of Law
The University of Dayton School of Law