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{
    "id": 720740,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/720740/?format=api",
    "text_counter": 335,
    "type": "speech",
    "speaker_name": "Hon. (Eng.) Gumbo",
    "speaker_title": "",
    "speaker": {
        "id": 24,
        "legal_name": "Nicholas Gumbo",
        "slug": "nicholas-gumbo"
    },
    "content": "The proposed amendment is good, but the problem that has been there with FRC is that, up to now, and the Chair will agree with me, it is more or less a department within the CBK. Whereas it is good to give it operational independence, I would have been happier with an amendment that proposes outright autonomy. Right now, if you look at the constitution of the FRC at it is, all its officers are seconded from CBK. If you look at the FRC, it actually ought to even supervise the reporting, especially on accounts of Government, which are domiciled within the CBK; where the CBK acts as the source institution. We have had cases where monies go to other banks and those monies originate from accounts held in the CBK. Therefore, the levels of responsibility, culpability and even to some extent malpractice, ought to cover both the origin and the destination. Therefore, I would have been happier if the amendment was stronger than it is now to provide autonomy as opposed to operational independence. But, as far as it is, it is a good start."
}