The Anti-Money Laundering Act 2001 (AMLA) was gazetted on 5 July 2001. AMLA provides comprehensive new laws for the prevention, detection and prosecution of money laundering, the forfeiture of property derived from or involvement in money laundering and the requirements for record keeping and reporting of suspicious transaction for reporting institutions. AMLA addresses the following board issues:
1. Money laundering offences
2. Financial Intelligence Unit
3. Reporting obligations
4. Power of investigation, search and seizure.
5. Power of freezing, seizure and forfeiture of property
No comments:
Post a Comment