Financial Crime World

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Breaking News: Govt Unveils New Measures to Combat Money Laundering and Terrorism Financing

The government has introduced new legislation aimed at combating money laundering and terrorism financing. The Money Laundering Prevention Act 2007 provides for the freezing of funds suspected to be linked to serious crimes, including terrorism financing.

How the Law Works

According to the law, if the Financial Intelligence Unit (FIU) has reasonable grounds to suspect that a transaction or attempted transaction may involve proceeds from a serious crime, money laundering offense, or terrorist financing, it can order the freezing of funds without delay. This freeze can last for a period determined by the FIU, allowing them to conduct necessary inquiries and consult with law enforcement agencies if deemed appropriate.

International Cooperation

The new legislation also enables the FIU to enter into agreements with foreign governments, institutions, and international organizations to exchange information on suspicious transactions. These agreements will restrict the use of exchanged information to purposes relevant to investigating or prosecuting serious offenses, money laundering, or terrorism financing.

Additionally, the law allows the FIU to disclose information to foreign agencies for similar purposes, subject to conditions set out in agreements or arrangements. This cooperation will enhance international efforts to combat these crimes and ensure that financial systems are not exploited by criminal networks.

Powers of the Financial Intelligence Unit

The FIU has also been empowered to examine records and inquire into the business affairs of financial institutions to ensure compliance with the law and regulations. This power includes the ability to:

  • Enter premises
  • Use computer systems
  • Reproduce records
  • Make copies of documents

Government Statement

“The new legislation demonstrates our commitment to combating money laundering and terrorism financing. We believe that cooperation between financial institutions, law enforcement agencies, and international organizations is crucial in preventing these crimes and protecting the integrity of our financial systems.”

Key Provisions

• Freezing of funds suspected to be linked to serious crimes • Exchange of information with foreign governments and institutions • Disclosure of information to foreign agencies • Examination of records and business affairs of financial institutions