Regulatory Alerts2012-04-09
New Financial Institutions Act of 1999
Enacted by the Republic of Liberia, this legislation repeals the Financial Institutions Act of 1974 and establishes a comprehensive regulatory framework for banking and non-bank financial institutions. It mandates the Central Bank of Liberia to grant provisional and full licenses, enforce minimum capital and liquidity requirements, conduct audits, and exercise supervisory powers over financial operations. Pending the formal establishment of the Central Bank, the National Bank of Liberia assumes its statutory powers, while the Act outlines procedures for license revocation, liquidation, reorganization, and penalties for non-compliance.
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