Belarus’ National Bank unveils bill to amend Banking Code

MINSK, 20 May (BelTA) – The National Bank has prepared a bill to amend Belarus’ banking laws. The bill provides for a comprehensive revision of the country’s Banking Code with a view to improving the regulation of banking relations taking into account law enforcement practices and international experience, Deputy Chairman of the Board of the National Bank Dmitry Lapko said in an article published in the latest issue of the Bankauski Vesnik Magazine, BelTA informs.

“In accordance with the bill, the most significant amendments to the Banking Code provide for creating an effective legal mechanism to ensure financial stability in Belarus, enhancing the protection of consumers of banking services, eliminating excessive financial burden on borrowers, increasing the effectiveness of banking supervision and control over compliance with laws on money laundering, financing of terrorism and proliferation of weapons of mass destruction, as well as strengthening the information security of banks, countering cyberattacks and fraud using electronic payment instruments and means of payment,” Dmitry Lapko said.

The bill also contains other provisions aimed at improving the efficiency of legal regulation of the banking sector. They cover the use of guarantees, letters of credit, other forms of non-cash payments, bank trade financing operations, money transfers, etc.