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Sudan Cracks Down on Money Laundering: Key Laws and Regulations
Khartoum, Sudan - In a bid to combat money laundering and terrorist financing, Sudan’s Central Bank has introduced a raft of laws and regulations aimed at tightening controls over financial transactions.
Key Legislation
Anti-Money Laundering & Financing of Terrorism Act
- Requires banks and other financial institutions to implement robust due diligence procedures to prevent illicit activities
- Establishes a framework for reporting suspicious transactions and freezing assets linked to terrorist organizations
Banking Business Act
- Provides further guidance on the conduct of banking business in Sudan, including requirements for:
- Licensing
- Capital adequacy
- Risk management
- Strict standards for anti-money laundering (AML) and combating the financing of terrorism (CFT), or face penalties and fines
Additional Regulations
Electronic Transactions Act
- Regulates online financial transactions
Foreign Exchange Dealing Act
- Governs the buying and selling of foreign currencies
Regulation governing Licensing for Conducting Banking Business
- Sets out strict criteria for licensing banks and other financial institutions
Financial Investment Institutions
Rules governing the business of financial investment institutions
- Requirements for:
- Registration
- Capital adequacy
- Risk management
Regulation governing the Business Of Financial Leasing Institutions “Lil-Ijara”
- Provides guidance on the conduct of leasing activities in Sudan
Enhancing Transparency and Accountability
Deposit Guarantee Fund Act
- Establishes a framework for guaranteeing deposits up to a certain amount
Foreign Exchange Dealing Regulation
- Sets out rules for foreign exchange dealings
Central Bank’s Proactive Approach
The Central Bank of Sudan has taken a proactive approach to combating money laundering and terrorist financing, with the aim of strengthening the country’s financial system and maintaining international cooperation.