CABINET APPROVES AMENDMENTS TO BANNING OF UNREGULATED DEPOSIT SCHEMES BILL
Context:
- The Cabinet has approved a proposal for Official Amendments to Banning of Unregulated Deposit Schemes Bill, 2018.
- The amendments will further strengthen the bill to effectively tackle illicit deposit-taking activities, and prevent such schemes from duping the poor.
- The Bill provides for severe punishment and heavy pecuniary fines to act as the deterrent.
- The bill creates three different types of offences, namely, running of Unregulated Deposit Schemes, fraudulent default in Regulated Deposit Schemes, and wrongful inducement in relation to Unregulated Deposit Schemes.
- The bill provides for attachment of properties or assets by the Competent Authority and subsequent realization of assets for repayment to depositors.
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