Money Laundering Regulations in [Country]
Reporting Requirements
Suspicious Activity Reports (SARs) are an essential tool in combating money laundering. In [Country], SARs are made to the Anti Money Laundering Investigations Unit and financial institutions report to the Financial Intelligence Centre.
Q18: Who Receives Suspicious Activity Reports?
- The Anti Money Laundering Investigations Unit
- Financial Institutions (Financial Intelligence Centre)
Volume of SARs
Unfortunately, information on the volume of SARs made to authorities is not publicly available. This data would typically be reported in conjunction with GDP figures for the equivalent year.
Q19: What is the Current Volume of SARs?
- No public information available
Reporting Obligations
Reporting requirements only apply to suspicious transactions. There are no obligations to report unusual transactions, cash transactions above a certain threshold, international wire transfers, or other transactions unless they are suspected of being money laundering activities.
Q20: What Transactions Must Be Reported?
- Only suspicious transactions must be reported
De-Minimis Thresholds
There are no de-minimis thresholds below which transactions do not need to be reported.
Q21: Are There Any Transaction Amount Limits?
- No, there is no transaction amount limit for reporting requirements
Penalties for Non-Compliance
Failure to comply with reporting requirements can result in serious penalties. The following offenses are punishable by law:
Tipping Off
- A person who knows or suspects an investigation into money laundering without lawful authority divulges that fact or information to another person is guilty of an offense.
- Penalty: Up to 5 years imprisonment and/or a fine not exceeding ZMK25,020,000 (approximately 139,000 penalty units)
Failure to Submit a Report
- A person who intentionally fails to submit a report to the Centre commits an offense.
- Penalty: Up to 5 years imprisonment and/or a fine not exceeding ZMK126,000,000 (approximately 700,000 penalty units)