It's back to original BoLs in Angola

Carriers and shippers to
Angola will be relieved to note
that as of July 10, Angolan
receivers are once more
required to tender original
bills of lading to take delivery
of cargo, according to Andrew
Pike, partner of legal firm,
Bowman & Gilfillan.
“This,” he told FTW, “is a
welcome turnaround from
earlier this year when Angolan
banks had insufficient foreign
currency to honour letters
of credit, precipitated by the
knock to the economy caused
by low oil prices.”
This led to port congestion
skyrocketing, as many Angolan
receivers found themselves
unable to pay for cargo.
In an attempt to address
the situation, the Angolan
General Tax Administration
(GTA) ruled that Angolan
receivers would not need
to tender an original bill of
lading to take delivery of
cargo.
“But,” said Pike, “this
caused potential for fraud
and non-payment of
cargo, making Angola an
unattractive trade destination.
“In the circumstances, it
was a wise move for the GTA
to revoke its ruling.”