The Objects and Reasons of this Bill are to provide for the establishment of a Residual Balances Fund and a framework for action that shall be taken in respect of the residual balances of a credit institution which meets the criteria set out in this Act in order to facilitate the dissolution and winding up process of such a credit institution whilst allowing for a controlled release of the residual balances transferred from that credit institution that ensures the prevention of money laundering and the funding of terrorism.
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