Banking supervisors from countries of the Southern African Development Community (SADC) have come together at the Eden Bleu Hotel in Seychelles for their 2016 steering and sub-committee meetings.

The aim is to discuss ways to bolster financial stability with main issues of discussions being banking supervision and regulatories, anti money laundering and counter financing of terrorism.

These are mainly financial inclusion, financial stability, harmonising laws, regulations, standards and procedures.

A proposed draft banking model law being worked on by SADC and its legal sub-committee, will also be deliberated on. The model law will help in bringing in those central banks together. So when for example there is an intra-regional trade, it can ease cross-border banking transactions between respective states of the region.

The meetings are being hosted by the Central Bank of Seychelles (CBS) in collaboration with SADC itself.

The Financial Intelligence Unit (FIU) is also taking part.

SADC technical subcommittees meeting is an annual event hosted alternately by member countries. Last year’s subcommittee meeting of banking supervisors was held in Windhoek, Namibia in February.

Addressing the gathering, the first deputy Governor of the Central Bank of Seychelles, Christophe Edmond, said with the introduction of new regulatory and supervisory requirements, brought in by the international standards set ups such as the bank of international settlements and the financial task force, the issue of harmonisation of regulatory and supervising laws in the region is of particular importance.

“This sub-committee meeting is but one of many occasions where we can come together to discuss the way forward, to achieve the objective of the central banks as we look first inside our regional block to foster the right foundation that will enable the establishment of a sound banking system across our borders,” he said.

He added that SADC continues to monitor the progress made by compiling information to ensure the block is moving in the right direction as it seeks to implement the necessary standards and regulations.

A report will be submitted to the next central bank governors’ meeting in April for discussion.