Financial Crime World

Anti-Money Laundering Law: Media Article

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International Cooperation Key in Anti-Money Laundering Efforts

In a move to strengthen its anti-money laundering efforts, the country has been working closely with foreign counterparts to obtain information and take joint action against money laundering and terrorism financing. According to Section 10 of the Anti-Money Laundering Law, if a request for assistance is received from a foreign counterpart agency, the Financial Intelligence Unit (FIU) shall provide such assistance and may take other actions consistent with its authority in domestic matters.

Scrutiny Board Formation and Functions

The FIU has been working closely with the Scrutiny Board to identify and track down money laundering activities. The board is responsible for scrutinizing reports and information related to:

  • Money laundering
  • Financing of terrorism
  • Illegal activities

Its functions include:

  • Identification and search of traces of money and properties obtained through illegal means
  • Freezing and seizing assets

Investigation Board Formation and Functions

In cases where the Scrutiny Board suspects money laundering or other offenses, it may form an Investigation Board to further investigate the matter. The board is responsible for:

  • Summoning and examining required persons
  • Acquiring evidence
  • Submitting its findings to the Central Body

Reporting Organizations’ Duties

Under the law, reporting organizations are required to:

  • Carry out risk assessments of money laundering and terrorism financing
  • Conduct customer due diligence measures, including enhanced measures in high-risk cases

The law requires reporting organizations to:

  • Record their risk assessments and underlying evidence in writing
  • Keep them up-to-date
  • Make them readily available to relevant authorities

Preventive Measures

The law aims to prevent money laundering and terrorism financing by requiring reporting organizations to take preventive measures, including:

  • Conducting customer due diligence measures before opening an account or carrying out a transaction
  • Reporting suspicious transactions to the FIU

The country’s anti-money laundering efforts are aimed at protecting its financial system from illegal activities and promoting transparency and accountability in financial transactions.