Journal of money laundering control emerald insight. Antimoney laundering and terrorist financing measures and. The prevention of moneylaundering act, 2002 5 1da authorised person means an authorised person as defined in clause c of section 2 of the foreign exchange management act, 1999 42 of 1999. Money laundering prohibition act, 2011 a bill for an act to repeal the money laundering prohibition act, 2004 and enact the money laundering prohibition act, 2011. Act on detecting and preventing money laundering and terrorist financing 5032008. The antimoney laundering and combating of financing of. The anti money laundering and combating of financing of terrorism act, 2012. Proceeds of crime and anti money laundering act, act no. Ulii is a member of the global free access to law movement and of the african lii community. Arrangement of sections chapter i preliminary part i citation and interpretation section 1.
On 27 march 2010, the pakistans government promulgated the anti money laundering act, 20101 amla10 in order to provide for prevention of money laundering and forfeiture of property derived from, or involved in, money laundering and. The anti money laundering act, 20 was established by the government of uganda to provide for the prohibition and prevention of money laundering, the establishment of a financial intelligence authority and a financial intelligence authority board in order to combat money laundering activities. Failure to comply with the act s reporting requirements is punishable by a fine of up to thb 500,000 and an additional fine. Uganda health marketing group v financial intelligence authority miscellaneous cause no. Unit and competent supervisory authorities to cooperate in. National money laundering and terrorist financing risk assessments the national money laundering risk assessment pdf identifies the money laundering risks that are of priority concern to the united states. The prevention of money laundering act 2002 book pdf is free and available for everyone to download as a pdf.
This act amends the money laundering prohibition act, no. A set of acts, laws, regulations, and guidelines have been enacted and promulgated time to time since bbs establishment which helped bb to perform its role as a central bank particularly, to control and regulate countrys monetary and financial system. Antimoney laundering law of pakistan an overview by. Money laundering and terrorist financing code 20 paragraph 3 c sd no. This act may be cited as the money laundering prevention amendment act, 20. Financial action tas k force the financial action task force fatf is an independent intergovernmental body that develops and promotes policies to protect the global financial system against money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction.
It is the process by which huge amount of money obtained unlawfully, from drug trafficking, terrorist activity or. Interpretation part ii money laundering offences 4. Number 19 of 20 criminal justice act 20 an act to amend the criminal justice money laundering and terrorist financing act 2010, to provide for the cessation of mobile communications services where necessary for the aversion of serious threats, and to provide for related matters. Part 2 of the 20 act, which deals with the changes to the 2010 act came into effect on the 14thjune 20 with the exception of sections. Introduction section 11 of the anti money laundering and countering financing of terrorism act. Money laundering and its prevention, money laundering.
Amendments to the prevention of money laundering act vide black money act, 2015. Part 1 definitions and obliged entities section 1 definitions 1 for the purposes of this act, money laundering is an offence under section 261 of the criminal code strafgesetzbuch. Anti terrorism amendment act, 20 antiterrorism act, 2009 and on the other hand, regulations and guidelines broadly include bangladesh bank regulations and foreign exchange regulations. Commencement enacted by the national assembly of the federal republic of nigeria part 1 prohibition of money laundering 1. Violators are punishable by imprisonment for a term of one year to 10 years andor a fine of thb 20,000 to thb 200,000. Unless there is anything repugnant in the subject or context, in this act a smuggling of money or property means. The anti money laundering act, 20 an act to provide for the prohibition and prevention of money laundering, the establishment of a financial intelligence authority and a financial intelligence authority board in order to combat money laundering activities. The objectives of these to a provide anti money laundering and combating the financing of terrorism compliance gli1delines for financial institutions under the regulatory purview of the central bank of nigeria cbw as required by relevant provisions of the money laundering prohibition act, 2011. An act to amend the anti money laundering and antiterrorism financing act 2001 and the anti money laundering amendment act 2003. The criminal justice act, 20 20 act, which amends the criminal justice money laundering and terrorist financing act 2010 the 2010 act was signed into law on the 12th june 20. In this article we have provided all the reference books, authors and topics and contents about the book the prevention of money laundering act 2002. The prevention of moneylaundering act 2002 book pdf. Money laundering and proceeds of crime act chapter 9.
Antimoney laundering and countering financing of terrorism. Money laundering is usually used by criminals to hide money made through illegal act. Money laundering in pakistan article pdf available in international journal of technology marketing 39. Regulations due to be published in 20 will identify additional types of companies that may also qualify for simplified cdd. A read is counted each time someone views a publication summary such as the title, abstract, and list of authors, clicks on a figure, or views or downloads the fulltext. Financial institutions agent banking regulations, 2017. Money laundering prohibition amendment, 2012 a bill for an act to amend the money laundering prohibition act no. As such, professional money laundering networks may act transnationally in order to exploit vulnerabilities in countries and particular businesses financial institutions, designated non, or financial businesses or professions.
The purpose of this paper is to identify the anti money laundering aml policies and procedures applied by the banks operating in bahrain and assess the effectiveness of pdf 466 kb role of financial intelligence unit fiu in anti money laundering quest. Rules of procedure in administrative cases under republic act no. Securities market act 1988, may qualify for simplified customer due diligence cdd under section 182 of the act. Act on detecting and preventing money laundering and. Money laundering prevenhon amendment act, 20 1 of20 an act to amend the money laundering prevention act, 1996 no. An act to amend the money laundering and terrorism prevention act, no 18 of 2008, to provide for measures to ensure compliance with international standards and obligations in relation to money laundering. The proceeds of crime act 2002 contains the primary uk anti money laundering legislation, including provisions requiring businesses within the regulated sector banking, investment, money transmission, certain professions, etc. Enacted by the president and members of parliament in this present parliament assembled. Money laundering and terrorist financing code 20 paragraph 29. The antimoney laundering act, 20 an act to provide for the prohibition and prevention of money laundering, the establishment of a financial intelligence authority and a financial intelligence authority board in order to combat money laundering activities. Money laundering prevention act, 2012 bangladesh customs. Being an act to provide for the criminalization of money laundering and financing of terrorism, the establishment of structures to implement this and for other related matters. Money laundering and proceeds of crime act act 4 20, 42014 s.