HomeNewsMFI, Securities Bills pass

MFI, Securities Bills pass

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THE House of Assembly on Tuesday passed the Micro Finance Bill and the Securities Amendment Bill which seek to deal with corruption among other issues in the financial sector.

Report by Veneranda Langa

They also endeavour to provide supervisory and regulatory frameworks to tackle nefarious practices of exorbitant interest rates in the micro-finance sector and white collar crimes in the securities sector.

During debate on the Second Reading Stage of the Micro Finance Bill, Finance minister Tendai Biti said he was also planning to effect amendments to the Finance Act next month  when he announces the mid-term budget review statement.

“We are going to come up with a Finance Act in June when we do the mid-term statement so that we deal with some of these minor issues,” he said.

The minister said amendments to the Banking Act were also at an advanced stage and will be gazetted soon.

“I am pleased to say that we approved major amendments to the Banking Act last week and I hope that in the next two weeks they will be gazetted.”

Biti also disclosed that a comprehensive Bill to deal with anti-money laundering will also be brought before Parliament.

“On anti-money laundering, I want to assure the House that we have a comprehensive Bill that is going to deal with anti-money laundering and terrorism which is consistent with United Nations protocols.

“In fact, right now we are actually under the threat of sanctions because of us not passing the Bill,” he said.

He said the Cabinet Committee on Legislation will meet today to discuss the Bill.
The Micro Finance Bill and the Securities Amendment Bill are now before Senate for scrutiny before they are sent to the President to be signed into law.

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