The House of Representatives is considering stricter punishment for workers in the banking sector confirmed to have committed fraud, raising the jail term from 10 to 20 years in addition to forfeiture of assets. This is being proposed in the Bank Employee etc (Declaration or Assets) Act I Amendment) Bill, 2020, which passed the second reading at the plenary on Wednesday. The legislation, which was sponsored by a member of the House, Francis Waive, is titled ‘A Bill for an Act to Amend the Bank Employees, Etc. We are in days when bank fraud has increased, with “Yahoo business’ (Internet fraud) that the young people are doing. “More importantly, it is to increase the punishment for bank staff (members) who are involved in fraudulent activities in customers’ accounts.

Source: Punch February 03, 2022 05:01 UTC