14 Feb 2008

Palau's President to sign in new banking bill

11:50 am on 14 February 2008

Palau's President Tommy Remengesau is expected to sign the new bill to introduce changes to the Financial Institution Act into law this week.

The new bill is now with President Remengesau awaiting his signature seeks to clarify the scope of the powers of the Financial Institution Commission relative to other offices and agencies of the national government.

The bill also seeks to modify required qualifications of the procedure for appointing members of the FIC and to facilitate efforts to detect, prevent and redress illicit financial transactions.

The Marianas Variety reports the goal is to strengthen Palau's economy in Palau by providing measures to protect the interests of consumers of financial services.

The Marianas Variety reports the measure also seeks to protect the reputation of Palau in the international community and establishing the rules for licensing, supervision and regulation of financial institutions in Palau.