The Central Bank says it is hoping to strengthen the regulatory and supervisory framework for the banking sector to maintain efficiency and sustainability.
Also reiterating the need to strengthen the the existing regulatory framework of non-bank financial Institutions to ensure the soundness of the sector and contain its spillover effects on the whole system, the CB as the regulator and the supervisor of this sector has come up with early warning systems to detect any troubled companies and to take measures to rectify issues in these institutions.
Meanwhile, commenting on new trusts laws, Central Bank Governor Indrajit Coomaraswamy said that the governor noted that new trusts laws will enable the Registrar General to maintain a register of all the trustsand the Financial Intelligence Unit of the Central Bank and other public authorities assigned with the responsibly of preventing and investigating money laundering and terrorist financing activities will be able to obtain information on trusts from the Registrar General.
According to Central Bank’s road map 2018, CB will continue to coordinate with the stakeholders to develop Anti-Money Laundering and Countering the Financing of Terrorism policies to implement the Financial Action Task Force recommendations more effectively with a view to strengthening the financial intelligence environment.
Actions will be taken to amend, repeal Financial Transactions Reporting Act No 6 of 2006 and Prevention of Money Laundering Act, No. 05 of 2006 in line with international recommendations.
CB will also facilitate and coordinate with stakeholders to amend the Mutual Assistance in Criminal Matters Act, NGO Act and Trust Ordinance.
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