Sierra Leone changes its laws to improve financial industry

Sierra Leone Telegraph: 31 May 2019:

Sierra Leone’s economic development has for far too long been held back by poor financial investment regulations, especially regarding the borrowing and lending of money for business growth or start-ups.

But all that may be about to change, following yesterday’s passing into law by the country’s parliament, of various amendments to the existing laws.

These changes are expected to significantly improve lending and borrowing, as well as combat money laundering and terrorist financing in the country.

The amendments were sponsored and taken to parliament by the Deputy Minister of Finance – Patricia Laverly.

Presenting the amendment Bills to the House, she said that the Bill entitled “The Anti-Money Laundering and Combating of Financing of Terrorism (Amendment) Act, 2019” will amend The Anti-Money Laundering and Combating of Financing of Terrorism Act, 2012.

She also said that the Bill entitled “The Borrowers and Lenders Act, 2019” will repeal and replace the Borrowers and Lenders Act, 2014, so as to broaden the scope of Collateral Registry – including the registration of ‘encumbrances in immovable assets’, such as mortgage on a property.

With these amendments, it will now be possible for lenders who are not licensed and supervised by the Bank of Sierra Leone, to be able to register their security interests and collaterals.

During the course of the debate in parliament yesterday, MPs from across the political divide welcomed the amendments, which they described as “good and healthy for the development of the financial industry in the country”.

2 Comments

  1. Proudly African constitution needs to emerge from European constitutional ideals of endless political and economic crisis in Africa. With an African constitution the people and country will develop. The constitution is the tool to develop the people and country, if is of the people’s own ideals.

    A woman can do this, an African woman. We are not less human, we are a true freedom fighter. Our problems of endless political and economic crisis leading to poverty is caused by the constitution given to us by our European masters. We most review all the constitutions in Africa and make them African constitutions.

  2. Just imagine what would have happened if the DEPUTY MINISTER of FINANCE Patricia Laverly was the MINISTER of FINANCE. This just tells all of us how WOMEN are capable of penning down documents / legislations that could be supported by everyone on the POLITICAL SPECTRUM. She just made a commonsense document that everyone was happy with I believe. I pray that she soon become the MINISTER OF FINANCE because, there are lots of issues that need BIPARTISAN SUPPORT.

    I was surprised how she did it because, these MPs never agree on anything. They keep complaining and blaming each other in the WELL. Staring at each other most of the time; jumping over desks to the other side and then WALK OUT. Can you imagine? Typical old school boy / girl behavior.

    However, I pray and commend their cooperation and working together this time. That is how parliament should work. Thumbs up for all our MPs. Thank you very much IRON LADY AND GOD BLESS YOU.

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