Abandoned cash timeframe increased by 12 months

(CNS): Following the controversies surrounding the passage of the Dormant Accounts Law 2010 the government has amended the law after consultation with the private sector. The law which was originally passed in July of this year was designed to give government a legal mechanism through which it could seize, cash, valuables and property which has been genuinely abandoned. However, the original draft of the law was seen as being two broad and the dormancy period too short. Government has now increased the period from six to seven years and limited which financial institutions are included.

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