Financial Crime World

Amendments to Proceeds of Crime (Anti-Money Laundering and Terrorism Financing) Guidelines

The following amendments have been made to the Proceeds of Crime (Anti-Money Laundering and Terrorism Financing) Guidelines:

Section 41(4)(c)

  • Change: “FIU or Commission” replaced with “FIU, Commission or Central Bank as the case may be”

Explanation under section 44

  • Change: “FIU or the Commission” replaced with “FIU, the Commission or Central Bank as the case may be”

Explanation under section 47

  • Change: “FIU or the Commission” replaced with “FIU, the Commission or Central Bank as the case may be”

Section 48(1)(c) and (e)

  • Change: " FIU or Commission" replaced with “FIU, the Commission or the Central Bank as the case may be”

Explanation under section 48

  • Changes:
    • “FIU and the Commission” replaced with “FIU, the Commission or Central Bank as the case may be”
    • “FIU or Commission” replaced with “FIU, the Commission or Central Bank as the case may be”

Paragraph (d) of subsection (4) in section 49

  • Change: The word “Commission” replaced with “Commission or Central Bank as the case may be”

Section 51(2)

  • Change: " FIU and the Commission" replaced with “FIU, the Commission or the Central Bank as the case may be”

Explanation under section 51

  • Change: “FIU and the Commission” replaced with “FIU, the Commission or Central Bank as the case may be”

Section 52

  • Change: “FIU and the Commission” replaced with “FIU, the Commission and the Central Bank”

Section 53(a)

  • Change: “FIU and the Commission” replaced with “FIU, the Commission and the Central Bank”

Explanation under section 53

  • Changes:
    • “Commission, FIU” replaced with “Commission, the FIU and the Central Bank”
    • “FIU and the Commission” replaced with “Commission, the FIU and the Central Bank”

Section 54(1) and (2)

  • Change: The word “Commission” replaced with “Commission or Central Bank”

Section 55

  • Change: “FIU and the Commission” replaced with “FIU, the Commission and the Central Bank”

Section 59

  • Change: After the word “Commission”, the word “or Central Bank” is inserted

Purpose of Amendments

These amendments aim to expand the scope of organizations involved in anti-money laundering (AML) and combating terrorism financing (CTF), by incorporating the Central Bank into the list of regulatory bodies.