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Timor-Leste’s Banking Regulations and Compliance: Key Developments from December 2021 to February 2022

The Central Bank of Timor-Leste (CBTL) has introduced several regulations and instructions aimed at strengthening banking and financial stability in the country. Here are some key developments from December 2021 to February 2022:

Credit Classification and Regulatory Provisions

To ensure timely identification and monitoring of non-performing credit products, the CBTL approved rules on credit classification and regulatory provisions through Instruction No. 17/2022. The regulation sets out guidelines for banks to manage credit risk in their portfolios.

Establishes guidelines for banks to manage credit risk in their portfolios
Requires timely identification and monitoring of non-performing credit products

Credit Risk Management

The CBTL introduced Instruction No. 16/2022, which establishes a solid and consistent standard of credit risk management applicable to all banks operating in Timor-Leste. Banks are required to have a Credit Risk Management system in place that provides an overall view of the bank’s credit risk exposure.

Establishes a solid and consistent standard of credit risk management
Requires banks to have a Credit Risk Management system in place

External Audits of Banks

The CBTL established rules for the external auditing of financial statements of banks through Instruction No. 15/2022. The regulation covers the accreditation of external auditors and the publication of financial statements.

Establishes rules for the external auditing of financial statements of banks
Covers accreditation of external auditors and publication of financial statements

Presentation of Reports by Financial Institutions

To enhance transparency, the CBTL introduced new rules on the presentation of reports by financial institutions through Instruction No. [insert number]. The regulation sets out guidelines for the preparation and submission of reports by financial institutions.

Enhances transparency through new rules on report presentation
Sets out guidelines for report preparation and submission

Framework for the General State Budget and Public Financial Management

The National Parliament approved a new legal framework for the State Budget, the State General Account, and the budgets and accounts of subsectors through Law No. 2/2022. The law aims to facilitate public management and increase transparency, responsibility, accountability, and control.

Aims to facilitate public management and increase transparency
Establishes a new legal framework for the State Budget and public financial management

Judiciary Organization Law

The National Parliament approved the Judicial Organization Law through Law No. 25/2021. The law governs the organization and functioning of courts and creates conditions for the establishment of new courts foreseen in the Constitution.

Governed by the law, the organization and functioning of courts are established
Creates conditions for the establishment of new courts

Real Estate and Construction

The government introduced Decree-Law No. 9/2022, which establishes the legal framework for licensing and supervising urban planning operations. The regulation sets out procedures indispensable for prior and successive control of new private construction and urbanization works.

Establishes a legal framework for licensing and supervising urban planning operations
Sets out procedures for controlling new private construction and urbanization works

The government approved the first amendment to the legal regime for old age and disability pensions and death benefits through Decree-Law No. 28/2021. The amendment establishes a method for calculating benefits aimed at protecting beneficiaries of the transitory social security regime in cases of disability, old age, and death.

Establishes a method for calculating benefits
Aims to protect beneficiaries of the transitory social security regime

These developments demonstrate the government’s commitment to strengthening financial stability, promoting transparency, and enhancing public management in Timor-Leste.