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KIRIBATI TACKLES FINANCIAL CRIMES WITH NEW LEGISLATION

In an effort to combat financial crimes in Kiribati, the government has introduced a new law aimed at strengthening the country’s anti-money laundering regime. The Proceeds of Crime (Amendment) Act 2005 was assented to by President Beretitenti on July 21, 2005.

Key Changes

The new legislation amends several sections of the original Proceeds of Crime Act 2003, clarifying the definition of money laundering and introducing stricter penalties for offenders. The changes also aim to:

• Improve the effectiveness of financial intelligence gathering and reporting
• Increase transparency in financial transactions

Penalties for Offenders

Under the new law, individuals convicted of money laundering can face fines of up to $30,000 or imprisonment for two years, while corporate bodies can be fined up to $150,000.

New Requirements for Financial Institutions

The legislation also introduces a minimum record-keeping requirement for financial institutions and cash dealers, aimed at preventing illegal activities such as money laundering.

Government’s Commitment

“We are committed to ensuring that our financial systems are transparent and accountable,” said Solicitor-General David Lambourne. “This new legislation is an important step in achieving this goal.”

Effective Date

The Proceeds of Crime (Amendment) Act 2005 is expected to come into effect on July 21, 2005, following its publication by the Clerk of the Maneaba ni Maungatabu.