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Anti-Money Laundering and Combating the Financing of Terrorism Act

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Interpretation

The Anti-Money Laundering and Combating the Financing of Terrorism Act outlines various definitions related to anti-money laundering (AML) and combating the financing of terrorism (CFT). Understanding these definitions is crucial for reporting entities, such as banks, to comply with the Act.

Key Definitions

  • Beneficial Owner: The natural person who ultimately owns or controls a customer, or is entitled to receive or control the proceeds from property.
  • Cash: Includes currency in physical form.
  • Criminal Conduct: Covers various types of offenses, including financial crimes, tax evasion, and market manipulation.
  • Criminal Property: Property derived from or used in connection with criminal conduct.

Other Important Definitions

  • AML/CFT Compliance Programme: A program developed to prevent and detect money laundering and terrorist financing.
  • Bearer Negotiable Instruments: Includes various types of instruments that can be transferred between parties without endorsement, such as checks and promissory notes.

The Importance of Clarity on Definitions

The document aims to provide clarity on the definitions related to AML/CFT regulations. This clarity is essential for reporting entities to comply with the Act and prevent money laundering and terrorist financing activities.