Financial Crime World

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Government Seeks International Cooperation in Anti-Money Laundering Efforts

The government has requested assistance from foreign counterpart agencies to combat money laundering and terrorism financing, according to sources within the government.

Financial Intelligence Unit’s Role

Under the country’s anti-money laundering law, the Financial Intelligence Unit (FIU) is required to:

  • Keep secret each investigation matter
  • Report submissions to the Central Body
  • Form a Scrutiny Board to investigate suspected cases of money laundering or offenses related to this law

The Scrutiny Board has the power to: + Scrutinize cases involving money laundering, financing of terrorism, and illegal means + Carry out provisional freezing of assets and seizing of properties obtained by illegal means + Keep secret each scrutiny matter and report measures taken to the FIU

Central Body’s Role

The Central Body has formed an Investigation Board to investigate cases relating to money laundering. The board consists of: + At least three members, chaired by a member of the Central Body + Power to summon and examine witnesses + Power to acquire evidence

Reporting Organizations’ Responsibilities

Reporting organizations are required to:

  • Carry out risk assessments of money laundering and financing of terrorism
  • Report any suspicious transactions to the FIU
  • Conduct customer due diligence measures, including enhanced measures when a high risk of money laundering is identified
    • Carried out at appropriate times, such as before opening an account or conducting a transaction

Background

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The country’s anti-money laundering law was enacted in [Year] to prevent and suppress the laundering of proceeds from criminal activities, as well as to freeze and confiscate assets obtained by illegal means. The law aims to protect the integrity of the financial system and prevent the financing of terrorism.

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  • Government Launches Anti-Money Laundering Campaign
  • Financial Intelligence Unit Seizes Properties Linked to Money Laundering
  • Reporting Organizations Required to Conduct Customer Due Diligence Measures