GOV’T IS WORKING ON ITS FINANCIAL INSTITUTION ACT: LILO

Prime Minister Gordon Darcy Lilo. Photo: Courtesy of abc.net.au

Prime Minister Gordon Darcy says the Government is working on expanding its Financial Institution Act to enable it vigorously assess financial institutions keen to invest in Solomon Islands.

Prime Minister Lilo says his recent official trip to New Zealand had advanced discussions on this with the New Zealand Pacific Islands Business Council.

He says an improved Financial Institution Act determines the best commercial bank to invest in the country.

“Currently we are working on inviting or expanding the scope of our Financial Institutions Act to be able to allow for better and more vigorous assessment of any application for the establishment of financial institutions in the country, and it will go through two processes, Interim Licenses, thereafter banking or financial institution licenses will be issued to a particular applicant.”

Prime Minister Lilo and key Government Ministers were invited for an official state visit to New Zealand last week.