Title: South Sudan’s Anti-Money Laundering and Counter-Terrorist Financing Act, 2012: A New Weapon Against Financial Crimes

Introduction

The National Legislative Assembly of South Sudan has ratified and promulgated the Anti-Money Laundering and Counter Terrorist Financing Act, 2012. This new legislation aims to establish measures and institutions for preventing and controlling money laundering and terrorist financing within the country.

Chapter I: Preliminary Provisions

1. Title and Commencement

• Referred to as “the AML/CTF Act,” this Act replaces previous legislation on the subject and commences upon signature by the President.

2. Repeal and Saving

• All existing legislation on the subject is repealed, save for certain provisions that remain in effect until amended or canceled by this Act.

3. Purpose

• The purpose of the AML/CTF Act is to create the necessary structures to combat money laundering and terrorist financing in South Sudan.

4. Authority and Application

• The Government and President of South Sudan have the exclusive legislative and executive powers to enact banking and monetary affairs legislation throughout South Sudan.

5. Interpretations

• Key terms within the Act, such as “bank,” “cash dealer,” “customer,” “financial institution,” and “FIU,” are defined for clarity.

Chapter II: Financial Intelligence Unit and The National Committee

6. Establishment of the Financial Intelligence Unit (FIU)

• The FIU is created to receive, process, analyze, and disseminate suspicious transaction reports.

7. Appointment of the Commissioner

• The Commissioner, responsible for leading the FIU, is named in this section.

8. Powers and Duties of the FIU

• The powers and duties of the FIU include:
  • Receiving and processing suspicious transaction reports
  • Requesting information and cooperation from reporting persons and comparative bodies
  • Maintaining a database of suspicious transactions

9. Employees of the FIU

• The FIU can hire employees as necessary to perform its functions.

10. Establishment and Composition of the Committee

• The National Multi-disciplinary Anti-Money Laundering Committee is established to advise the FIU and oversee its operations.

11. Functions of the National Committee

• The National Committee is tasked with:
  • Ensuring that the FIU functions effectively
  • Coordinating across various sectors
  • Developing policies related to money laundering and terrorist financing risk assessment

12. Meetings of the National Committee

• The National Committee meets regularly to:
  • Discuss the FIU’s performance
  • Address any challenges
  • Share information and best practices

13. Allowances and Remunerations

• Members of the National Committee and FIU staff are entitled to allowances and remunerations as specified in the regulations.

In the upcoming articles, we will delve deeper into the AML/CTF Act, discussing provisions related to money laundering offenses, supervision, reporting requirements, and additional preventative measures. Stay tuned for more information on South Sudan’s efforts to combat financial crimes.