Financial Crime World

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Committee’s Financial Resources and Management

The Committee responsible for combating money laundering and terrorism financing has been allocated various financial resources to carry out its duties effectively.

Financial Resources

  • Appropriations from the State: The Committee receives appropriations from the state.
  • Gifts and Donations: The Committee accepts gifts and donations.
  • Other Financial Resources: Other financial resources are also available to the Committee.

Use of Financial Resources

The Committee’s financial resources shall be used to run its business and execute its functions in accordance with the provisions of this Act.

Budget

  • Independent Budget: The Committee has an independent budget, prepared in accordance with sound accountancy bases laid down by the Ministry of Finance and National Economy.
  • Submission to Council of Ministers: The budget shall be submitted to the Council of Ministers through the Minister before the end of each financial year.

Confiscated Money

  • Special Fund: Any money confiscated under section 34(2) hereof shall be deposited in a special fund established and supervised by the Committee.
  • Use of Confiscated Money: Such money shall be used for combating money laundering, paying incentives to those who provide information leading to detection of such crimes, combating incurable diseases, and any other use deemed fit.

Declaration of Currency

  • Declaration Requirements: Every person entering or leaving the country shall declare what they are carrying, including cash, financial instruments, and precious metals.
  • Consequences of Non-Declaration: Failure to declare or providing false information may result in attachment of property pending investigation.

Power to Make Regulations

  • Regulatory Powers: The Competent Minister, Financial Inquiries Unit, and Control and Supervision Bodies have the power to make regulations necessary for the implementation of this Act.

By:

Field Marshal Omar Hassan Ahmed Al-Bashir, President of the Republic