22.7 C
Sierra Leone
Saturday, May 18, 2024

Deputy Finance Minister Thrills Parliament

HomeAYV NewsDeputy Finance Minister Thrills Parliament

Deputy Finance Minister Thrills Parliament


Related stories

609 Sierra Leonean Pilgrims to perform 2024 Hajj

The Chairman of the Presidential Taskforce on Hajj in...

“We will support mobile offices for Members of Parliament”

Chinese Ambassador to Sierra Leone, His Excellency Wang Qing...

Commercial Bank Corporate Affairs Director refutes bad press

Yusufu Abdul Silla, Managing Director of SLCB Corporate Affairs Director...

Chief Minister convenes Energy Task Force Status meeting

Chief Minister, Dr. David Moinina Sengeh has convened an...


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”.

Latest stories


- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once