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Breaking News: Major Amendments Passed to Financial Crimes Commission Act

In a move aimed at strengthening the country’s fight against financial crimes, Parliament has passed several amendments to the Financial Crimes Commission Act. The changes aim to enhance the effectiveness of anti-money laundering and combating the financing of terrorism (AML/CFT) measures, as well as improve the regulation of financial institutions.

Key Amendments

The amended act introduces new provisions aimed at enhancing the role of the Core Group in coordinating AML/CFT efforts, as well as strengthening the powers of regulatory bodies. The changes also include the establishment of a new committee to oversee and coordinate matters related to combating foreign bribery.

Core Group Enhanced Powers

Under the amendments, the Core Group will now have the power to set up subcommittees to initiate and coordinate preparations for its meetings and other functions. This move aims to streamline decision-making processes and improve the effectiveness of AML/CFT efforts.

Regulatory Bodies Strengthened

The amended act grants regulatory bodies additional powers to conduct inspections and audits on financial institutions to ensure compliance with AML/CFT regulations. The changes also enable these bodies to take enforcement action against institutions found to be non-compliant.

Combating Foreign Bribery

The amendments introduce new provisions aimed at strengthening efforts to combat foreign bribery. The Core Group will now have the responsibility of overseeing and coordinating all matters related to combating foreign bribery, including accession to and implementation of relevant international conventions.

New Committee Established

A new committee has been established under the amended act to formulate policies and make recommendations on skills development and capacity building initiatives aimed at enhancing the capabilities of regulatory authorities in the fight against financial crimes.

Effective Date

The amendments will come into effect 30 days after publication in the official gazette, giving stakeholders time to adjust to the new requirements.

Reactions

Industry experts have welcomed the changes, saying they will help strengthen the country’s AML/CFT framework and improve the overall effectiveness of anti-financial crime efforts. Regulatory bodies are also expected to benefit from the enhanced powers granted under the amendments.