Kiribati Takes Steps to Prevent Money Laundering
Strengthening Efforts Against Financial Crimes
The Government of Kiribati has passed the Proceeds of Crime (Amendment) Act 2005 to enhance its efforts in preventing money laundering and combating financial crimes. The legislation aims to clarify the definition of money laundering, establish penalties for offenders, and improve the country’s ability to track and recover proceeds of crime.
Key Changes to the Principal Act
- Changes to the definition of “money laundering” to ensure effective prosecution
- Monetary penalties introduced for offenses related to money laundering
- Higher penalty for corporations than individuals
- Establishment of a minimum transaction amount above which financial institutions or cash dealers must record details of transactions
- Reports may not be required in certain circumstances as prescribed by the Attorney-General
Commitment to Combating Money Laundering and Financing of Terrorism
The Government has taken these steps to ensure that Kiribati remains committed to combating money laundering and financing of terrorism. The country has been working closely with international partners to strengthen its anti-money laundering regime and implement the recommendations made by the Financial Action Task Force (FATF).
Statement from Solicitor-General David Lambourne
“The legislation is aimed at ensuring that Kiribati’s financial system is transparent and accountable, and that we can effectively combat money laundering and other financial crimes.”
Effective Date of the Proceeds of Crime (Amendment) Act 2005
The Proceeds of Crime (Amendment) Act 2005 comes into effect on July 21, 2005.