Fines and Confiscation Measures Strengthen Fight Against Money Laundering and Terrorist Financing
The government has announced new measures to strengthen efforts against money laundering and terrorist financing. These measures aim to disrupt the financial networks of criminal organizations and prevent the misuse of the financial system.
New Fine Structure for Repeat Offenders
Under the revised laws, fines will be doubled for repeat offenders. The new fine structure for entities that fail to comply with reporting requirements or provide information requested by authorities is as follows:
- First-time offenders: 5,000 to 20,000 dinars
- Repeat offenders: double the penalty
Similarly, individuals found guilty of violating anti-money laundering and counter-terrorism financing regulations will face fines ranging from 1,000 to 10,000 dinars, with repeat offenders facing double the penalty.
Wider Powers for Authorities to Trace and Seize Funds
The authorities have been granted wider powers to trace and seize funds generated from prohibited activities, including those related to terrorism. This includes assets linked to illegal activities, which will be seized and confiscated.
Expert Reaction
Experts have welcomed the new measures, saying they will help strengthen the country’s financial system and disrupt the activities of criminal organizations. “These new measures demonstrate a clear commitment to combating money laundering and terrorist financing,” said [expert name]. “They will help protect our financial system from abuse and prevent the misuse of funds for illicit purposes.”
Compliance Required
The government has urged all entities and individuals subject to the laws to comply fully with reporting requirements and provide any requested information. Failure to do so may result in severe penalties, including fines and confiscation of assets.
Conclusion
With these new measures in place, authorities are confident that they will be able to more effectively combat money laundering and terrorist financing, and protect the financial system from abuse. The government’s commitment to strengthening its efforts against money laundering and terrorist financing is a positive step towards a safer and more secure financial environment.