 The House of Representatives has proposed punitive measures for bankers involved in fraud and practices in their workplace and found culpable. The proposed legislation was sponsored by Honorable E. J. Rohene Y. V. Under the proposed legislation, those found guilty could be jailed for a term from 10 to 20 years in addition to forfeiture of their assets. The Speaker of the House, Fermi Bajabiamila, represented by the House Leader, Honorable Adodogua urged stakeholders to work together with the committee to come up with a strong legislation that will boost the banking sector. Change, culture change, the law also change to ensure that our system does not become susceptible to the machinations of bad actors. So our purpose here is to work together as legislators and major stakeholders in this sub-sector to consider and strengthen legislations that are helpful tool in ensuring that operators in the banking system act with utmost integrity, taking care to avoid able appearance of corruption or backhand dealing. Since by the provisions of the Central Bank Act, it is the Central Bank that exercises regulatory control, supervises and issue guidelines to all banks and other financial institutions as specified in the principle act. It is therefore justifiable and naturally should be the appropriate authority to require bank employees to declare their assets and it is the Central Bank also that should take further steps to verify such declaration and it is the Central Bank that may ensure the enforcement of the provision of this act in case of any breach by any employee of any of the banks under its control. Due to the intention of the amendment bill to include all financial institutions under the purview of other regulatory, other regulators for the application of the act, we suggest a change in the title of the act from Bank Employee Declaration of Asset Act to Financial Institution Employee Declaration of Asset Act. Consequential amendment bill should be made accordingly, Mr Chairman. Proposed amendment to section 1 of the principle act which provides into earlier that an employee shall declare his assets, including assets of his spouse and of married children under 18, immediately after assuming duty. Another view is that this amendment should be limited to the assets of the bank employee alone as it may not be feasible for the employees to make full declarations in relation to his or spouse's assets for various reasons such as where he or she is not aware that the spouse has acquired an asset or dispose of an asset. We do adopt part of the submission made by Central Bank where it highlighted the area of changing the title of the bill from Bank Employees to Financial Institutions Employees ETC Act. We're also seeking for the extension of the application of this bill to cover the designated non-financial institutions in addition to the financial institutions. This is part of the designated non-financial institutions. Those that have been designated, this is one of the submissions we have made. As it relates to the appropriate authority, the EFCC is seeking to be the appropriate authority to receive these declarations.