Regulatory Alerts2003-03-27
Exchange Control Act
The Solomon Islands government enacted this Act to empower the Minister to create regulations governing foreign exchange, currency protection, and public credit. The legislation defines key terms such as resident and foreign currency, and grants broad authority to control transactions involving foreign exchange resources and securities. It establishes the legal framework for the Exchange Control (Foreign Exchange) Regulations, which prohibit unauthorized dealings in foreign currency and require Central Bank approval for specific financial activities.
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