Money Laundering and Proceeds of Crime (Amendment) Bill

Gazetted 9th March 2018, (General Notice 151/2018)
 
 
MONEY LAUNDERING AND PROCEEDS OF CRIME (AMENDMENT) BILL, 2018
 
EXPLANATORY MEMORANDUM
 

This Bill will amend the Money Laundering and Proceeds of Crime Act [Chapter 9:24], section 27 of the National Prosecuting Authority Act [Chapter 7:20], section 6 of the Criminal Matters (Mutual Assistance) Act [Chapter 9:06], section 87 of the Deeds Registries Act [Chapter 20:05], section 210 of the Customs and Excise Act [Chapter 23:02], section 5 of the Income Tax Act [Chapter 23:06], section 34A of the Revenue Authority Act [Chapter 23:11], section 360 of the Companies Act [Chapter 24:03] and the Bank Use Promotion Act [Chapter24:24] with a view to achieving the following:

the enactment of a comprehensive legal framework to combat money laundering and

terrorist financing:

• the implementation in domestic law of the International Convention for the Suppression of the Financing of Terrorism was adopted by the General Assembly of the United Nations Organisation by Resolution 54/109 of 9 December, 1999, and related UN Security Council Resolutions 1267 (of 15 October, 1999) and 1373 (of 28 September, 2001);

• the implementation in domestic law of 40 recommendations regarded by the Financial Action Task Force (FATF), as representing international standards to which all states should aspire;

• the strengthening of the legislative defences against misuse of our financial system for the purpose of money-laundering or the financing of terrorist activities.

 

 

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