National Bank suggests discussing amendments to Banking Code
11:39, 8 October
Photo: BelTA
The draft law “On amendments to banking laws” will be put forward for public debate. This bill provides for amendments to the Banking Code, BelTA learned from the Information and PR Department of the National Bank of the Republic of Belarus.
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The draft law proposes to amend the procedure for drafting and approving the main guidelines of the monetary policy, to improve the legal mechanism of ensuring financial stability in Belarus, to increase legal protection of consumers of banking services, and to eliminate excessive financial burden on borrowers.
The bill suggests that banks embrace international financial reporting standards. It also seeks to increase the efficiency of banking supervision and control over compliance with legislation on the prevention of money laundering. The focus will also be made on information security of banks.
If the bill is signed into law, it is expected to help limit the debt burden on individuals and other borrowers, improve oversight over banks' compliance with legislation on the prevention of money laundering, financing of terrorism and proliferation of weapons of mass destruction, and to increase the efficiency of legal regulation of banking activities.
The public debate has been arranged by the National Bank. Comments and suggestions can be put forward at the Legal Forum that is due to take place in Belarus from 8 to 21 October.
