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General Audit Chambers Report: Progress on Committee Work

The General Audit Chambers has released a report detailing the progress made by the Committee on Money Laundering and Terrorism Financing. The report highlights key developments and milestones achieved since the inception of the Committee.

Discussions and Approval of Statements and Reports

A meeting was held, presided over by the Minister, with the Auditor General and Chairperson of the Committee in attendance, to discuss and approve statements and reports related to the Committee’s work. The meeting aimed to ensure transparency and accountability in the implementation of the Committee’s mandate.

General Provisions and Employee Status

The report emphasizes that employees of the Committee shall be deemed public servants for the purposes of the Criminal Act. This clarification aims to ensure that all employees are subject to the same legal framework and regulations.

Competent Court Jurisdiction

The General Criminal Court has been granted jurisdiction to consider offences related to Money Laundering and Terrorism Financing. This development is a significant step forward in the fight against these serious crimes.

The report highlights the provision allowing for the annulment of legal disposal made to avoid legal confiscation or attachment. This measure aims to prevent individuals from circumventing the law by hiding assets or property.

Offences of Money Laundering and Terrorism Financing

The report reiterates that anyone who engages in activities related to money laundering, such as acquiring, possessing, disposing of, or transferring proceeds, shall be deemed to have committed an offence. Similarly, individuals who provide financial support for terrorist acts or use terrorist organizations shall also be held accountable.

Penalties and Confiscation

The report outlines the penalties and fines applicable to individuals and corporate entities found guilty of money laundering and terrorism financing. In addition to these penalties, the court may also confiscate proceeds and instruments used in the commission of these crimes.

Disposal of Confiscated Money

The Committee has established a special fund to manage confiscated assets. The report highlights the use of this fund, including combating economic offences, paying incentives to individuals who provide information on money laundering or terrorism financing, and supporting efforts against incurable diseases.

Declaration of Currency

The report emphasizes the importance of declaring currency upon entry or departure from the country. Individuals are required to disclose financial instruments and their value, as well as provide identifying information. Failure to comply with this regulation may result in questioning by customs authorities and potential attachment of assets.

Power to Make Regulations

The Competent Minister, Financial Inquiries Unit, and Control and Supervision Bodies have the authority to make regulations necessary for implementing the provisions of this Act. This power aims to ensure the effective implementation of anti-money laundering and anti-terrorism financing measures.

Oath of the Committee

The report concludes with a reiteration of the oath taken by Committee members, emphasizing their commitment to honesty, secrecy, and transparency in performing their duties.

Overall, the report provides an update on the progress made by the Committee on Money Laundering and Terrorism Financing. It highlights key developments and milestones achieved, as well as the importance of continued efforts to combat these serious crimes.