National Parliament of Timor-Leste - Decree-Law N. 20-2003 - On the Legal Tender in Timor-Leste

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The purpose of this Decree-Law is to strengthen the conditions of stability of the economy of Timor-Leste through the clear identification of the legal tender in circulation in the country. This includes the metallic coins issued by the Banking and Payments Authority of Timor-Leste and to prevent the unlawful circulation of coins (official or foreign) in the form of cash through the borders of Timor-Leste. Additionally, this Decree-Law's purpose is to fight against the emergence of counterfeit currency, to avoid money laundering (AML / anti money laundering) practices in Timor-Leste and to ensure economic stability which is associated with the existence of a stable monetary regime and with a freely convertible currency.

The Decree-Law covers the following topics:

1. Legal Tender
2. Power to Withdraw Legal Tender from Circulation
3. Prices of and Payments for Goods and Services
4. Financial and Accounting Records
5. Restrictions on the Import and Export of Cash
6. Authorization Procedure to Import and Export Cash
7. Additional Provisions on Currency Exchange Transactions
8. Offenses and Penalties
9. Authority to Confiscate Counterfeit Currency
10. Review Procedure

Document Details

Document Type: 
Doument Author (Entity): 
Authoring Country: 
Originating Country or Trade Block: 
Issue Status: 
Year of Document: 
2003
Date of Document: 
Thursday, November 13, 2003
Document Authors: 
National Parliament of Timor-Leste
Language (This Document): 
English

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