Lawmakers Move to Clarify Financial Crimes Act

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A bill aimed at amending several sections of the Financial Crimes Act has been passed, with the goal of clarifying certain provisions and ensuring that financial crimes are tackled effectively.

Key Changes Introduced by the Bill

• A new requirement for magistrates to issue warrants under section 46 of the Act only if they are satisfied that information will be laid in respect of the relevant offence within 48 hours. This change is aimed at preventing the abuse of warrant powers and ensuring that investigations are carried out efficiently.
• Introduction of quarterly reports instead of monthly reports, which will enable financial institutions to provide more comprehensive updates on suspicious transactions.

Amendments to Property Management Provisions

• Section 108 has been amended to require that restraining orders be served on all persons known to have an interest in the order or any number of persons deemed expedient by the court.
• Changes to sections dealing with the appointment of administrators and receivers, as well as provisions related to the management of property seized in connection with financial crimes.

Impact of the Bill

The bill is seen as a positive step towards strengthening the country’s financial crime-fighting capabilities and ensuring that those who engage in such activities are held accountable. However, some critics have raised concerns about the potential impact on the efficiency of investigations and the need for further clarification of certain provisions.

Overall, the bill aims to clarify the Financial Crimes Act and ensure that financial crimes are tackled effectively, while also addressing concerns around warrant powers and property management.