The Parliament of Sierra Leone on Thursday 30th May 2019 debated and passed into law with some amendments two Bills with the aim of improving lending and borrowing, and combating anti-money laundering and terrorist financing in the country.
Both Bills were piloted by the Deputy Minister of Finance, Patricia Laverly. She said among other things that the Bill entitled: “The Anti-Money Laundering and Combating of Financing of Terrorism (Amendment) Act, 2019” is seeking to amend The Anti-Money Laundering and Combating of Financing of Terrorism Act, 2012 and to provide for other matters.
She also said that the Bill entitled “The Borrowers and Lenders Act, 2019” is providing for the repeal and replacement of the Borrowers and Lenders Act, 2014, provides for the broadening of the scope of Collateral Registry including the registration of encumbrances in immovable assets. Furthermore, she said that it also providing for lenders who are not licensed and supervised by the Bank of Sierra Leone to be able to register their security interests and for other related matters.
During the course of the debate, Members of Parliament acclaimed both Bills as good and healthy for the development of the financial industry in the country.
In the meantime, the Bank of Sierra Leone Act 2019 is seeking to continue in existence the Bank of Sierra Leone to act as a banker, adviser and fiscal agent to support the general economic policy of the Government of Sierra Leone. It also provides for the maintenance of price stability, stable financial system, formulation and implementation of monetary policy and financial regulations with prudent standards.
The Banking Act of 2019 is providing for the licensing of persons carrying on banking business, the regulation and supervision of banking activities, financial holding companies and subsidiaries, and the protection of depositors.
Members of Parliament commended the Deputy Finance Minister for bringing those Bills to Parliament with the view to inject confidence and to enhance effective fiscal and monetary policies in the management of the economy of Sierra Leone.
