Tunisia: President Kais Saied calls for major reform of banking law

Strengthening Banking Responsibilities

 President, Kais Saied, welcomed this Wednesday, February 28, 2024, at the Carthage Palace, Leila Jaffal, Minister of Justice, who submitted him with the final version of the draft reform of article 411 of the Commercial Code.

This project seeks to strengthen the obligations of banks and establish grown banking responsibility, promoting the adoption of electronic payment solutions and alternatives and improving banking practices. The purpose is to guarantee check transactions and promote social justice and economic development.

Adaptation of Criminal Policy to Banking Transactions

The reform also intends to adapt criminal policy to the specificities of banking transactions by check and to set a regularization mechanism for those who have been condemned or are subject to legal proceedings for issuing bad checks. This is to preserve both the freedom of the debtor and the rights of the creditor.

Criticism of Tailored Laws

President Saied also mentioned examples from comparative law and criticized certain “tailor-made” laws, notably those adopted during the liberal movement of the 1970s which led to social crises and the loss of lives.

The president underscored that the legislative texts adopted after this period did not profit small and medium-sized enterprises (SMEs), which were victims, unlike banking institutions benefiting from strict loan conditions without assuming responsibilities.