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Timor-Leste’s Financial Institution Compliance Policies Tightened

Dili, Timor-Leste - In an effort to ensure financial stability and efficiency in the banking system, the Central Bank of Timor-Leste (CBTL) has issued a series of instructions and decrees aimed at strengthening compliance policies for financial institutions.

Credit Risk Management

According to Instruction No. 16/2022, all banks operating in Timor-Leste must establish a credit risk management system that is proportionate to their nature, volume, and complexity of activities. The system must provide an overall view of the bank’s credit risk exposure as a whole.

External Audits of Banks

The CBTL has also established rules for external auditing of banks’ financial statements through Instruction No. 15/2022. The rule covers subsidiaries of foreign entities, including accreditation of external auditors and publication of financial statements.

Presentation of Reports by Financial Institutions

Financial institutions licensed and supervised by the CBTL must now submit mandatory financial information on a bi-monthly, monthly, and quarterly basis using a single reporting template through the Banking Supervision Application.

Amendments to Legal Framework on Certification and Registration of Civil Construction and Civil Technical Consultancy Companies

The Government has introduced an amendment to the legal framework for certification and registration of civil construction and civil technical consultancy companies in response to the challenges faced by national business structures during the pandemic.

Approval of New State Budget for 2022

The National Parliament approved the General State Budget for 2022, which foresees a total revenue of USD 2.106 billion, with petroleum revenues accounting for USD 1.311 billion and non-petroleum revenues accounting for USD 548 million.

Credit Line “Fasilidade Garantia Crédito Suave”

The Government has approved the credit line “Fasilidade Garantia Crédito Suave”, which aims to allow micro, small, and medium enterprises to overcome difficulties in obtaining financing and promote growth and sustainability of the business sector.

Execution of General State Budget and Public Financial Management

A new legal framework for the state budget, general account, and budgets and accounts of subsectors has been approved by the National Parliament. The law aims to facilitate public management and increase transparency, responsibility, accountability, and control of services and entities in the public administrative sector.

Judiciary Organization Law

The National Parliament has approved the Judicial Organization Law, which governs the organization and functioning of courts and creates conditions for the establishment of courts foreseen in the Constitution.

Rules on Construction and Urbanization

A decree-law establishing the legal framework for licensing and supervision of urban planning operations, including allotment operations, urbanization works, construction, and use of edifications has been issued.

Amendment to Old Age and Disability Pensions Regime and Death Benefits Regime

The Government has approved an amendment to the legal regime for old age and disability pensions and death benefits, which establishes a method for calculating benefits aimed at protecting beneficiaries of the transitory social security regime.