Government Takes Swift Action to Combat Money Laundering and Terrorist Financing

The government has introduced new measures aimed at combating money laundering and terrorist financing by freezing the assets of individuals suspected of committing these crimes.

Swift Asset Freezing Measures

Under the new laws, law enforcement agencies can apply to a judge for an order to freeze the property of anyone suspected of or charged with money laundering. The court can then give directions on how to dispose of the frozen assets, including:

• Determining ownership disputes
• Administering the property during the freezing period
• Paying debts owed by creditors
• Providing funds for the reasonable subsistence of the individual and their family

The order will cease to have effect if the person against whom it was made is not charged with a money laundering offence within 48 hours. This demonstrates the government’s commitment to taking swift action to combat these crimes and prevent further illegal activities.

Forfeiture of Ill-Gotten Gains

When individuals are convicted of money laundering, they will be required to forfeit any property, proceeds, or instrumentalities derived from or connected to the offence. This includes:

• Any assets that have been obtained through illegal means, such as criminal activity or corruption
• Other assets belonging to the individual, equivalent in value to those that cannot be recovered
• Alternatively, the individual may be required to pay a fine equal to the value of the forfeited assets

Protection of Innocent Third Parties

The government has ensured that innocent third parties who have a legitimate interest in the frozen or forfeited assets are protected. These individuals can appear in court to support their claims and demonstrate their good faith in acquiring or holding the assets.

The court will consider various factors, including:

• Whether the individual had knowledge of the illegal use of the property or instrumentalities
• Whether they freely consented to it

If the individual is found to be innocent, they will be entitled to return of their assets.

International Cooperation

The government has also strengthened its international cooperation on money laundering by introducing measures to facilitate assistance between countries in combating these crimes. This includes:

• Cooperating with foreign authorities to identify, trace, freeze, seize, or forfeit property and instrumentalities connected to money laundering offences
• Working together to disrupt and dismantle organized crime groups and terrorist networks

These new laws demonstrate the government’s commitment to tackling money laundering and terrorist financing, and to protecting the financial system from illegal activities.