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Money Laundering and Financial Crimes: The New Threat to Rwanda’s Economy
Kigali - In a bid to combat money laundering and financial crimes, the Government of Rwanda has introduced new measures aimed at preventing the misuse of funds and protecting the country’s economy.
What is Money Laundering?
Money laundering is the conversion or transfer of property derived from criminal activities into legitimate assets, with the aim of concealing or disguising its illegal origin. This practice is a serious threat to the stability of financial systems and economies worldwide.
New Measures Introduced
According to the new measures, money laundering can be committed even if the original acts leading to the acquisition, disposition, or transfer of the property are carried out on the territory of a third state.
Definitions
- A customer is defined as an individual or legal person who opens an account or in whose name an account is opened, has the power to sign on that account, deposits, transfers or receives money on that account, and is authorized to conduct transactions on that account.
- A political sympathizer is someone who supports or is associated with a political party, organization, or individual that engages in activities harmful to the State of Rwanda or its people.
- A conspiracy is an agreement between two or more persons to commit a crime.
- A financial institution is any entity that provides financial services, such as banks, insurance companies, and securities firms.
Serious Offense
The Government has emphasized that money laundering is a serious offense that can lead to severe penalties, including fines and imprisonment. It has therefore called on all citizens to be vigilant and report any suspicious activities to the relevant authorities.
What You Need to Know
- Money laundering is a serious threat to the stability of financial systems and economies worldwide.
- The practice involves the conversion or transfer of property derived from criminal activities into legitimate assets.
- The Government of Rwanda has introduced new measures aimed at preventing the misuse of funds and protecting the country’s economy.
- A customer is defined as an individual or legal person who opens an account or in whose name an account is opened, has the power to sign on that account, deposits, transfers or receives money on that account, and is authorized to conduct transactions on that account.
- A political sympathizer is someone who supports or is associated with a political party, organization, or individual that engages in activities harmful to the State of Rwanda or its people.
What You Can Do
- Be vigilant and report any suspicious financial activities to the relevant authorities.
- Ensure that you understand the terms and conditions of your financial transactions.
- Avoid engaging in any financial activity that seems unusual or suspicious.
By working together, we can prevent money laundering and financial crimes from threatening our economy and stability.