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Anti-Money Laundering and Combatting of Terrorism Financing Guideline

Overview

The Anti-Money Laundering and Combatting of Terrorism Financing Guideline provides general guidance on anti-money laundering (AML) and combatting of terrorism financing (CFT) governance and risk management for financial institutions and persons supervised by the Central Bank.

Key Concepts

Money Laundering

Money laundering is a process used by criminals to conceal the illegal origin and ownership of funds derived from criminal activities. It involves three stages:

Placement: Placing proceeds of crime into the financial system without arousing suspicion.
Layering: Moving the money through a series of financial transactions to disguise its source and provide an appearance of legitimacy.
Integration: Attempting to legitimize wealth derived from criminal activity by investing in real estate, luxury assets, or business ventures.

Terrorism Financing

Terrorism financing is the process of providing funds to individuals or groups to finance terrorist acts.

The following are considered serious offences related to money laundering:

Knowingly assisting: Assisting in concealing or acquiring, using, and/or possessing criminal property.
Failing to report: Failing to report knowledge, suspicion, or reasonable grounds for knowing or suspecting that another person is engaged in money laundering.
Tipping off or prejudicing an investigation: Providing information about an ongoing investigation to a third party or interfering with the investigation.

Separate Offence

Failure to establish appropriate policies and procedures to detect and prevent money laundering, regardless of whether or not money laundering actually takes place, is also considered a separate offence.