BREAKING: Government Passes Amendments to Financial Crimes Commission Act
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Strengthening the Country’s Financial Crimes Fighting Capabilities
In a move aimed at enhancing the country’s ability to combat financial crimes, the government has passed amendments to the Financial Crimes Commission Act 2021. The changes, signed into law yesterday, are designed to strengthen the commission’s powers and mechanisms for tackling financial crimes such as money laundering, terrorist financing, and foreign bribery.
Key Changes
- Expansion of Mandate: The amendment includes combatting foreign bribery in the commission’s mandate.
- Enhanced Powers: The commission is given more teeth to tackle non-compliance by financial institutions and individuals.
- Establishment of Core Group: A Core Group will oversee and coordinate all matters related to Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT), as well as combatting foreign bribery. The group will formulate policies, make recommendations on skills development, and capacity building initiatives.
New Regulations
- Subcommittees: The commission can set up subcommittees as necessary for effective administration and implementation.
- Committee Establishment: The commission has the power to establish committees when required.
Industry Expert Reaction
Industry experts have welcomed the changes, considering them a step in the right direction towards strengthening the country’s financial system. A spokesperson for the Financial Services Association said:
“This is a major boost for our anti-money laundering efforts. We look forward to working with the commission to ensure that our industry is fully compliant with all relevant regulations.”
Next Steps
The government has promised to provide more details on the implementation of the amendments in the coming weeks.
These amendments are expected to strengthen the country’s financial crimes fighting capabilities and enhance its anti-money laundering efforts.