Absalom Shigwedha
10 May 2011
SWAPO MP in the National Council, Nimrod Muremi, said he does not want to see the Financial Institutions Amendment Bill end up being passed without being enforced.
The bill is currently under discussion in the National Council. Muremi said the bill should not end up like the Gambling Act, which after being passed a few years ago, has not yet come into force despite the good intention of protecting “the vulnerable people of our society.”
This, has resulted in the mushrooming of gambling machines, taking money from the poor, which they could have bought bread with.
Muremi said, because there is no control on gambling machines, Government was losing a lot of money.
“Every shebeen is having a gambling machine and Government is losing a lot of money,” said Muremi. He called on the House to see to it that Inspection of Financial Institutions Amendment Bill is enforced after being passed.
The bill seeks to change the Financial Institutions Act of 1983, to empower the registrar to inspect a person, partnership or company not registered as a financial institution upon reasonable suspicion to establish whether or not the business of a financial institution is being carried out unlawfully.
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