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Money Laundering in Rwanda: What You Need to Know

In a bid to combat the scourge of money laundering and terrorism financing, the Rwandan government has taken significant steps to prevent these crimes from crippling the financial system and economy.

The Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT) Law

The AML/CFT Law came into effect in 2020 and imposes a range of obligations on reporting persons. These obligations include:

  • Establishing preventive measures to manage the risk of abuse in money laundering, terrorism financing, and proliferation financing
  • Mandating supervisory authorities to ensure compliance with these obligations through supervision and regulation issuance

Role of Regulatory Authorities

As the regulator of financial institutions, Rwanda’s National Bank plays a crucial role in issuing guidelines and regulations for anti-money laundering and combating financing of terrorism (AML/CFT). Financial Institutions are expected to adhere to these standards to prevent abuse and maintain the integrity of the financial system.

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In this section, we provide an overview of relevant legal instruments related to deposit AML/CFT and proliferation. These documents serve as a crucial framework for understanding the legal framework governing money laundering in Rwanda.

Challenges and Awareness

Despite efforts to combat money laundering and terrorism financing, the country still faces challenges in preventing these crimes from occurring. As such, it is essential for individuals and businesses to be aware of the risks associated with money laundering and take necessary steps to prevent their involvement in illegal activities.

By understanding the legal framework and taking proactive measures, we can all play a role in combating money laundering and terrorism financing in Rwanda.