Latest Amendments to Financial Crimes Act: Enhancing Protections and Efficiency
The Parliament has passed amendments to the Financial Crimes Act, aimed at strengthening the country’s financial crimes legislation. The changes are designed to enhance protections for individuals and organizations, as well as improve the efficiency of investigations and prosecutions.
Key Amendments
New Requirements for Warrants Issued in Respect of Tainted Property
Under the revised law, a magistrate will only issue a warrant if they are satisfied that:
- Information relating to the relevant offence will be laid within 48 hours
- The property is indeed tainted
This amendment aims to provide greater clarity and flexibility for courts and investigators.
Quarterly Reports from Financial Institutions Instead of Monthly
The amendments introduce quarterly reports from financial institutions, instead of monthly, to reduce the administrative burden on these institutions while still ensuring that suspicious transactions are reported in a timely manner.
Changes to Restraining Orders and Property Management Provisions
These changes aim to provide greater clarity and flexibility for courts and investigators, as well as ensure that individuals and organizations are treated fairly and consistently.
Greater Protections for Individuals and Families Affected by Financial Crimes
The revised law introduces new provisions aimed at protecting the rights of individuals and families affected by financial crimes. For example:
- A person appointed to manage property under investigation will now have the right to seek directions from the court on any questions relating to its management or preservation.
Amendments in Effect Immediately
The amendments come into effect immediately, with the government urging all stakeholders to familiarize themselves with the changes to ensure compliance.
Key Takeaways
- New requirements for warrants issued in respect of tainted property
- Quarterly reports from financial institutions instead of monthly
- Changes to restraining orders and property management provisions
- Greater protections for individuals and families affected by financial crimes
- Amendments to several sections of the Financial Crimes Act