An act to criminalise money laundering and suppress the financing of terrorism. Buharis new money laundering laws punch newspapers. These include risk assessments, parts of an amlcft programme, and making suspicious activity reports or prescribed transaction reports. Access the prevention of money laundering amendment act 2012 which includes amendments in the prevention of money laundering act 2002 is provided. An act to repeal the money laundering prohibition act, 2004 and enact the money laundering prohibition act, 2011. In this act, unless the context otherwise requires attorneygeneral means the attorneygeneral and minister of justice.
Ghanaian aml cft compliance laws free download as powerpoint presentation. The principal act is amended by repealing section 2 and substituting for itthe following provision. Dec 22, 2011 anti money laundering amendment act, 2011 long title. Antimoney laundering and counterterrorism financing rules amendment instrument 2012 no. An act to enable the unlawful proceeds of all serious crime and. Commencement enacted by the national assembly of the federal republic of nigeria.
Mutual legal assistance on criminal matters act, 2012. Antimoney laundering amendment act, 2011 long title. Pdf antimoney laundering regulations and its effectiveness. These regulations amend the money laundering regulations 2007 s. Jan 22, 2020 money laundering prohibition act, 2011. Prevention act, 2011, and shall come into operation on such date as the minister may, by. Money laundering prevention act, 2012 bangladesh customs. Updated sections of the ffiec bank secrecy act anti money laundering examination manual.
Preamble of this act says, whereas it is expedient to provide for prevention of money laundering, combating financing of terrorism and forfeiture of property derived from, or involved in, money laundering or financing of terrorism and for matters connected therewith or incidental thereto. In bangladesh, money laundering is defined under section 2v of the money laundering prevention act, 2012 act no 5 of 2012. Jun 26, 2018 the financial action task force fatfan intergovernmental body established by the g7 countries in 1989takes the lead in the international fight against money laundering by setting antimoney laundering aml policy standards and incentivizing all countries around the world to comply with them ferwerda 2012, pp. Subsequently, the ordinance was repealed by the money laundering prevention act, 2009. Pdf the nigerian money laundering prevention and prohibition. Aug 01, 2019 in these regulations, unless the context otherwise requires, act means the anti money laundering and countering financing of terrorism act 2009. In order to protect the international financial system from money laundering and financing of terrorism mlft risks and to encourage greater compliance with the amlcft standards, the fatf identified jurisdictions. Money laundering prevention act, 2012 bangla english. Money laundering prevention act, 2012 antiterrorism act, 2009. Pursuant to section 31 of the fiamla, the offence of money laundering is commited where a person a engages in a transaction that involves property which is, or in whole or in part directly or indirectly represents, the proceeds of any crime.
Antimoney laundering and counterterrorism financing. An act to amend the antimoney laundering act, 2006 as last amended by the antimoney laundering amendment act, 2008 to prescribe customer due to diligence measures by regulations, allow exchange of information between fiu and the fiu of a foreign count. The antimoney laundering and combating of financing of. Users can get details on sections and amendments of the act. Money laundering is the process by which proceeds from a criminal activity are disguised to conceal their illicit origins in order to legitimize the illgotten gains or wealth. Antimoneylaundering and countering the financing of. The money laundering act 2011 had 12 sections of it amended in 2012, for its effectiveness. A year later, amending the 2011 act, the money laundering act, no. Proceeds of crime and antimoney laundering act 2009 revised 2012 hot. To download the desired document, right click on the appropriate link and select the save target as option. The antimoney laundering and counterterrorism financing regulations 2008 in force under the antimoney laundering and counterterrorism financing act 2006 as shown in this compilation comprise select legislative instrument 2008 no. In 2012, the intergovernmental action group against money laundering in west africa giaba. Mar 01, 2012 the anti money laundering and counterterrorism financing regulations 2008 in force under the anti money laundering and counterterrorism financing act 2006 as shown in this compilation comprise select legislative instrument 2008 no. Antimoney laundering and countering financing of terrorism.
The antimoney laundering and countering the financing of terrorism amendment act of 2010 act no. An act of parliament to provide for the offence of money laundering and to introduce measures for combating the offence, to provide for the. Unless there is anything repugnant in the subject or context, in this act a smuggling of money or property means. Money laundering prohjbltlon act, 2011 a bill for an act to repeal the money laundering prohibition act, 2004 and enact the money laundering prohibition \ct. Financial services regulatory commission antimoney. Financial services regulatory commission antimoney laundering. Dec 06, 20 a year later, amending the 2011 act, the money laundering act, no. An act to amend the anti money laundering act, 2006 as last amended by the anti money laundering amendment act, 2008 to prescribe customer due to diligence measures by regulations, allow exchange of information between fiu and the fiu of a foreign count.
Information about the act, its objectives, short title and commencement is given. Paris, 19 october 2012 the financial action task force fatf is the global standard setting body for antimoney laundering and combating the financing of terrorism amlcft. The first antimoney laundering legislation in bangladesh was the money laundering prevention act, 2002. This act amends the money laundering prohibition act, no. Antimoney laundering regulations, 2012 seychelles legal. Antimoney laundering and counterterrorism financing rules. The money laundering prohibition act, 2011 has repealed the money laundering prohibition act, 2004 by providing for, among other things, that no person or body corporate shall, except in a transaction executed through a licensed financial institution, make or accept cash payments of a sum exceeding n5,000,000 five million naira or its equivalent in the case of an individual, or n10,000. An insight into the money laundering prohibition act core. Financial intelligence centre act no 38 of 2001 regulations under the financial intelligence centre act accountable institutions schedule 1 money laundering control policy for the motor retail industry customer acceptance form. Duty to report international transfer of funds and securities. It was replaced by the money laundering prevention ordinance 2008. The antimoney laundering act, 2008act 749 and its accompanying. Antimoney laundering act, 2008 act 749 5 a the retention or the control by or on behalf of that other person of the proceeds from unlawful activity is facilitated, or b the proceeds from that unlawful activity are used to make funds available to acquire property on behalf of.
Proceeds of crime and antimoney laundering act 2009. Jul, 2011 the financial intelligence centre act also sets up a regulatory anti money laundering regime, which is intended to break the cycle used by organised criminal groups to benefit from illegitimate profits. Money laundering prohibition amendment act, 2012 lawnigeria. Comptroller of the currency statement on ffiec bsaaml manual. Fatf public statement 19 october 2012 download pdf 364kb paris, 19 october 2012 the financial action task force fatf is the global standard setting body for antimoney laundering and combating the financing of terrorism amlcft. An act to amend the money laundering prohibition act no. This act may be cited as the antimoney laundering amendment act, 2012 and shall be read as one with the antimoney laundering act, hereinafter referred to asthe principal act. The first anti money laundering legislation in bangladesh was the money laundering prevention act, 2002. Jan 22, 2020 money laundering prohibition amendment act, 2012. Antimoney laundering regulations and its effectiveness article pdf available in journal of money laundering control 174.
Users can get information regarding the act, its objectives, short title and commencement. Antimoneylaundering and countering the financing of terrorism. Money laundering prevention act,2012 bangla english. The financial action task force fatfan intergovernmental body established by the g7 countries in 1989takes the lead in the international fight against money laundering by setting antimoney laundering aml policy standards and incentivizing all countries around the world to comply with them ferwerda 2012, pp. Enacted by the national assembly of the federal republic of nigeria. A member of a designated business group dbg can rely on another member to carry out some obligations on their behalf, as set out in section 32 of the antimoney laundering and countering financing of terrorism act 2009 the act. The 2007 regulations implement in part directive 200560ec oj no l 309, 25. Money laundering prevention act,2012 antiterrorism act, 2009. The act amends the money laundering act, no 11 of 2011 to expand the scope of money.
The money laundering prohibition act, 2012 incorporated. This act has been amended thrice, once in 2005 to incorporate investigative procedures, its terms and conditions. Swaziland punishable by imprisonment for not less than 12. On 18 june 2012, his excellency president benigno s. Suspension of activities and suspension and revocation of licence.
Money laundering, proceeds of serious crime and terrosit. Dec 20, 2012 anti money laundering and counterterrorism financing rules amendment instrument 2012 no. Antimoney laundering act, 2008 act 749 5 a the retention or the control by or on behalf of that other person of the proceeds from unlawful activity is facilitated, or b the proceeds from that unlawful activity are used to make funds available to acquire property on behalf of that other person. Find information about the prevention of moneylaundering amendment act, 2009 which includes amendments in section 2, 5, 6 and 8 of the prevention of moneylaundering act, 2002. By doing this the act aims to maintain the integrity of the financial system. Obtain details and documents in tenders and downloads sections of the website. Overview of key sections of nigerias money laundering prohibition.
Updated sections of the ffiec bank secrecy actantimoney laundering examination manual. Antimoney laundering amendment act, 2011 seychelles. Details about amendments and sections of the act are also available. An act to repeal the money laundering prohibition act 2004 and enact the.
562 1371 27 900 678 55 1319 1356 646 1155 1647 153 732 1609 1427 577 1583 1279 1157 1338 1079 1023 1643 578 91 1324 590 143 781 79 631 1564 152 1168 1568 1159 932 938 1449 860 705 207 562 554 322 568 1172