Latest news with #BankingAct
The Citizen
17 hours ago
- Politics
- The Citizen
Bushiris file application to set aside ruling ordering extradition to SA
The couple fled to Malawi in November 2020. Self-proclaimed prophet Shepherd Bushiri and his wife Mary in the Pretoria Magistrate's Court during their bail application on 4 November 2020. Picture: Jacques Nelles Self-proclaimed prophet Shepherd Bushiri and his wife, Mary Bushiri, have filed a review application to set aside the judgment ordering their extradition to South Africa. The Bushiris filed their application before the High Court of Malawi in Lilongwe on Wednesday. They claim they weren't given a chance to be heard, violating natural justice principles. Hearing In papers before the high court in Malawi, the controversial couple claim they weren't given a chance to be heard, violating natural justice principles They argued the chief magistrate erred in law by breaching the fundamental principles of natural justice. 'The applicants humbly but firmly pray for the quashing of the findings that the requesting State made out a case for extradition… setting aside of the order of committal.' In March, Malawi's Chief Resident Magistrate's Court ordered that the Bushiris be extradited following a request by South Africa. ALSO READ: Bushiri celebrates reduced charges, but can they be reinstated? Malawi's attorney general explains Charges They face at least six charges including rape, violating bail conditions, contraventions of the Financial Advisory and Intermediary Services Act, Banking Act, Civil Aviation Act and Immigration Act. The couple fled to Malawi in November 2020, after being granted bail of R200 000 each under strict conditions in the Pretoria Central Magistrate's Court. ALSO READ: Cops detained Bushiri's lawyers for corruption, intimidation say Hawks 'Safety and security' At the time, Bushiri cited 'safety and security issues' for their actions. 'There have been clear and evident attempts to have myself, my wife and my family killed. Despite our several attempts to report to authorities, there has never been state protection,' he said. 'We have come to a painful conclusion that what my wife and I have faced in the Republic of South Africa since 2015 is purely persecution, not prosecution. 'What is shocking is that it was me who, in 2018, opened cases of extortion and intimidation against the officers who are, today, investigating, arresting and prosecuting me and my wife of these several allegations. Obviously, there can never be independence and impartiality. It's purely acts of open vengeance,' Bushiri said. The Malawian couple run a church known as Enlightened Christian Gathering with branches in various African countries. ALSO READ: Malawi court grants South Africa's request to extradite Shepherd Bushiri and wife
Korea Herald
3 days ago
- Business
- Korea Herald
Korean banks press for crypto reforms
South Korea's commercial banks are urging the incoming administration to overhaul financial regulations, aiming to expand their presence in the virtual asset space and gain access to a wider range of nonbanking business opportunities. The Korea Federation of Banks said Tuesday that it recently convened a meeting of senior strategy managers from major lenders to collect views on increasing banking participation in cryptocurrency markets. Following the discussion, the group drafted a proposal arguing that virtual assets remain outside the scope of traditional banking, despite lenders' growing role in the digital asset ecosystem — including the issuance of real-name accounts used for crypto trading. 'Regulatory revisions are necessary to enable banks, backed by their credibility, accessibility and strong consumer protection standards, to enter the virtual asset business,' the group of banks said in the report. The appeal comes as a new government prepares to take office following Tuesday's presidential election. Despite being home to the world's third-largest crypto market by trading volume, and with roughly a third of its population involved in digital assets, South Korea has yet to build a comprehensive regulatory framework to support the industry's growth. Crypto-related policy proposals were central to the campaigns of leading presidential candidates, including promises to approve spot crypto exchange-traded funds and to incorporate stablecoins into formal oversight mechanisms. Against this backdrop, banks are stepping up efforts to position themselves in the sector, exploring services such as digital asset trusts and stablecoin issuance. The report also reiterated the banking industry's longstanding call to lift restrictions on entering non-financial sectors. Banks argue they face stricter oversight than big tech firms, which are free to offer integrated services blending financial and nonfinancial functions — creating what they describe as an 'uneven playing field.' To address this, banks called for a broader range of noncore businesses — including retail, logistics, travel and information and communication technology — to be permitted as ancillary operations, while also urging a shift toward principle-based regulation for both ancillary activities and subsidiary ownership, in response to accelerating industry convergence. Banks also used the report to voice frustration over current enforcement practices, criticizing the Banking Act for vague provisions that make regulatory actions hard to anticipate. They called for clearer definitions tied to statutory obligations and the introduction of a formal statute of limitations on penalties.
Korea Herald
4 days ago
- Business
- Korea Herald
Bank rate transparency, sinkhole accident prevention
The Korea Herald republishes a weekly legislative report by local law firm DR & AJU LLC to provide the latest information on bills approved, proposed, pending and set to be promulgated. — Ed. Proposed Bill: Partial Amendment to the Banking Act Proposed by Rep. Kim Jang-kyom (People Power Party) ● This bill would require banks to disclose their current deposit rates, lending rates and interest rate spreads on a monthly basis via their websites. It would also authorize the Financial Services Commission to review the fairness and reasonableness of how these rates are determined, particularly when interest rate spreads widen, and to recommend improvements, if necessary. Proposed Bill: Partial Amendment to the Special Act on Underground Safety Management Proposed by Rep. Kim Jung-jae (People Power Party) ● This bill aims to prevent sinkhole accidents by enabling the Minister of Land, Infrastructure and Transport or local government heads to directly carry out emergency repairs in areas at risk of ground subsidence. Pending Bill: Partial Amendment to the Equal Employment Opportunity and Work-Family Balance Assistance Act Proposed by Rep. Shin Chang-sik (Rebuilding Korea Party) ● This bill would require the Minister of Employment and Labor to conduct an annual survey and analysis of the gender pay gap based on factors such as occupation type, position, duties, length of service and employment type, and to develop an improvement plan in response to the findings. Promulgated Bill: Enforcement Rule of the Aviation Safety Act Competent Authority: Ministry of Land, Infrastructure and Transport ● This bill introduces a certification system for unmanned vertical takeoff and landing aerial vehicles, a new type of uncrewed aerial vehicle capable of long-range flight. ● This bill will raise the deposit insurance limit from 50 million won to 100 million won ($36,300 to $72,500) as of September 1, 2025.
Korea Herald
26-05-2025
- Business
- Korea Herald
Stock undervaluation prevention, bank branch closure notices
The Korea Herald republishes a weekly legislative report by local law firm DR & AJU LLC to provide the latest information on bills approved, proposed, pending and set to be promulgated. — Ed. Proposed Bill: Partial Amendment to the Inheritance Tax and Gift Tax Act Proposed by Rep. Lee So-young (Democratic Party of Korea) ● This amendment aims to prevent controlling shareholders from inducing stock undervaluation to reduce inheritance or gift taxes during succession. If the assessed value of listed shares falls below 80 percent of their net asset value, the same valuation method used for unlisted shares will be applied, reflecting both assets and earnings. Proposed Bill: Partial Amendment to the Telecommunications Business Act Proposed by Rep. Choi Soo-jin (People Power Party) ● This amendment aims to curb Google's forced in-app payment policy by specifying prohibited acts of major app market operators and banning the imposition of unreasonable or discriminatory conditions on the use of external payment systems. Pending Bill: Partial Amendment to the Banking Act Proposed by Rep. Park Hong-bae (Democratic Party of Korea) ● As banks tend to facilitate the transition to digital services and close physical branches, this amendment seeks to protect digitally vulnerable individuals by requiring advance notice before any branch closure. Promulgated Bill: Act on the Improvement of Urban Areas and Residential Environments Competent Authority: Ministry of Land, Infrastructure and Transport ● This bill lowers the consent threshold for forming a reconstruction project association from at least 75 percent to 70 percent of all strata title holders in each unit of a housing complex. Administrative Announcement: Partial Amendment to the Enforcement Decree of the Special Act on the Prevention of Loss Caused by Telecommunications-Based Financial Fraud and Refund for Loss Competent Authority: Financial Services Commission ● This amendment requires specialized credit financial companies and credit service providers to verify users' identities during financial transactions, aiming to prevent telecommunications-based financial fraud.
Zawya
06-05-2025
- Business
- Zawya
Pakistani bank exits Kenya after seven years
Pakistani lender Bank Al Habib Ltd has announced the closure of its Kenyan operations after seven years in the country for undisclosed reasons. The bank said in a public notice on May 5 that it will close down its representative office in Nairobi on May 15, 2025 as part of its broader global restructuring plan aimed at improving operational efficiency. The central bank has endorsed the exit.'Bank Al Habib Limited (BAHL) hereby notifies its customers the general public, stakeholders, and all interested parties that BAHL shall close down its Representative Office in Kenya with effect from May 15 2025. This follows approval from the Central Bank of Kenya (CBK) on April 30, 2025, in line with the Banking Act (Cap. 488, laws of Kenya) and Prudential Guidelines issued thereafter,' the lender said in the notice.'Closure of the Representative Office follows a strategic review undertaken by the Board of Directors of BAHL and is part of a broader global restructuring initiative aimed at consolidating international operations and improving overall operational efficiency. Accordingly, BAHL shall terminate its presence in Kenya and ceases all its operations effective May 15, 2025.'The lender opened a representative office in Nairobi in April 18, 2018, with a plan explore business opportunities in Kenya and the wider East and Central African region as part of the its long-term global expansion strategy. The representative office in Kenya marked its Africa entry. Authorised representative offices serve as marketing and liaison offices for their parent banks and affiliates and are not permitted to undertake banking business. Outside Pakistan, Bank Al Habib has a presence in Bahrain, Seychelles, China, Türkiye, and the United Arab Emirates. © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (
