Ensuring Financial Stability through New Legislation in Afghanistan
Da Afghanistan Bank Introduces New Regulations
Kabul - Da Afghanistan Bank has recently introduced new legislation aimed at ensuring financial stability in the country. The new regulations prohibit individuals and entities from hindering or obstructing designated representatives of Da Afghanistan Bank in their duties.
Temporary Orders to Enforce Regulations
The bank is empowered to issue temporary orders, including:
- Summarily suspending business operations
- Freezing accounts
- Prohibiting individuals or entities from withdrawing or transferring funds
These measures are designed to prevent the misuse of financial resources and ensure that suspicious activities are investigated promptly.
Commission Review of Temporary Orders
A Commission has been established to review temporary orders issued by Da Afghanistan Bank. The Commission may:
- Dissolve, limit, or suspend these orders if it determines they are unnecessary
- Cause irreparable harm to individuals or entities
Liquidation of Businesses for Non-Compliance
In cases where individuals or entities fail to comply with orders issued by the bank, Da Afghanistan Bank may apply to the Commission for an order liquidating their business. The Commission will review the case and issue a decision accordingly.
Legal Protection for Bank Officials
The new legislation also provides legal protection for officials of Da Afghanistan Bank and its affiliates. They cannot be held liable for damages or prosecution unless it is proven that they acted in bad faith.
Claims of Civil Damages to be Reviewed by the Commission
Claims of civil damages against Da Afghanistan Bank or its officials will be reviewed by the Commission. The claimant must present:
- A detailed factual and legal basis for their claim
- Evidence of the alleged damages and means of calculation
The new legislation is expected to enhance financial stability in Afghanistan and ensure that financial institutions operate in a fair and transparent manner.