Here is the rewritten article in markdown format:

Rwanda Takes Bold Steps to Combat Money Laundering and Terrorist Financing with Enactment of AML/CFT Law

In a significant move to curb the devastating impact of money laundering (ML) and terrorist financing (TF) on its financial system and economy, the Government of Rwanda has taken decisive action. The Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Law came into effect in 2020, mandating reporting persons to establish a robust regime of preventive measures to mitigate the risk of abuse in ML, TF, and financing proliferation.

Key Provisions of the AML/CFT Law

• Mandates reporting persons to establish a robust regime of preventive measures
• Charges supervisory authorities with ensuring compliance through regular supervision and regulations
• Requires financial institutions to adhere to guidelines and regulations issued by the National Bank of Rwanda

Implementation and Impact

The implementation of the AML/CFT Law is a significant step forward for Rwanda in its efforts to combat ML and TF, and demonstrates the country’s commitment to protecting its financial system and economy from these threats.

• The law provides a robust framework for preventing and detecting money laundering and terrorist financing
• Supervisory authorities are empowered to conduct regular supervision and issue regulations to ensure compliance
• Financial institutions must adhere to guidelines and regulations issued by the National Bank of Rwanda

Conclusion

Rwanda’s bold move to enact an AML/CFT Law is a significant step forward in its efforts to combat money laundering and terrorist financing. The law provides a robust framework for preventing and detecting these threats, and demonstrates the country’s commitment to protecting its financial system and economy.