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Sudan Enforces Strict AML CTF Regulations to Combat Money Laundering and Terrorist Financing

Khartoum, Sudan - The Anti-Money Laundering and Combating of Terrorism Financing (AML CTF) Act was promulgated in 2014 and remains a key instrument in combating money laundering and terrorist financing in Sudan.

Overview of the AML CTF Act

Under the Act, it is a criminal offense to engage in money laundering or terrorist financing. The AML CTF applies to natural and legal persons operating in the financial sector, including:

  • Banks
  • Insurance companies
  • Capital markets
  • Real estate
  • Minerals
  • Law firms
  • Accounting services

Definition of Money Laundering

Money laundering is defined under Section 35 of the Act as intentionally doing any act to conceal or whiten the proceeds of a crime, including:

  • Acquiring, owning, possessing, or utilizing such money
  • Transferring, transporting, or exchanging money with the intention of concealing its criminal origin or assisting an accomplice in the original crime

Requirements for Conviction

To establish a violation, specific intention, knowledge, and constructive knowledge are required. The legislation also has no extra-territorial reach, applying only within the limits of standard conflicts of law rules.

Consequences of Non-Compliance

Failing to comply with anti-money laundering and counter-terrorism financing regulations can result in:

  • Fines
  • Imprisonment

Key Responsibilities

The Financial Information Unit (FIU) is responsible for:

  • Receiving complaints
  • Ordering discovery
  • Lodging complaints against offending businesses or individuals

The National Committee for Combating Money Laundering and Financing of Terrorism, which operates under the auspices of the President of Sudan, oversees the AML CTF regime. The main enforcement agent is the Undersecretary, Ministry of Justice, who can be contacted at:

  • Address: Justice Tower, Gamhuria Avenue, PO Box 302, Postal Code 11111
  • Phone: +249 183 764 168
  • Email: moj@mojj.gov.sd

Impact of the AML CTF Act

The AML CTF Act has been instrumental in strengthening Sudan’s financial sector and enhancing the country’s international cooperation in combating money laundering and terrorist financing.