Agricultural Loan Societies and Approved Organizations Bill Passed

Parliament has passed the Agricultural Loan Societies and Approved Organizations Bill, which seeks to modernise the agricultural sector to meet the nation’s growing demands of food security and productivity.

The Agricultural Loan Societies and Approved Organisations Act also facilitates the dissolution of the Agricultural Credit Board (ACB) and transfers the Board’s monitoring and regulatory functions to the Registrar of Co-operative and Friendly Societies.
The Bill repeals the Agricultural Credit Board act. It also establishes the Agricultural Appeal Tribunal and provides for the registration and regulation of the agricultural loan societies by or under the Registrar of Co- operative Societies.

The bill was passed in the Lower House on October 17 following passage in the Senate with 69 ammendments on October 6.

Provisions were included in the Bill to combat money laundering by requiring the implementation of several mechanisms.

These provisions include identification procedures, transaction verification procedures, record keeping procedures and the training of employees.

The ammendments also include a provision for the agricultural loan societies and approved organizations to make reports to the Registrar where there is knowledge of or reasonable grounds to believe that a transation relating to a deposit could constitute or be related to money laundering.

Minister of Industry, Commerce, Agriculture and Fisheries, Hon. Karl Samuda said the passage of the Bill will result in the better management of agricultural loan societies.

Contact: Karlene Brown Tel: 968-8669