Financial Crime World

Title: Sudan’s Legal Framework Against Money Laundering and Terrorist Financing: Key Penalties and Regulations

Sudan is taking strides to combat financial crimes, with the Anti-Money Laundering and Combatting of Terrorism Financing (AML CTF) Act serving as the cornerstone legislation. Here’s a detailed look at the Sudanese law:

The Legislation at a Glance

  • Title: Anti-Money Laundering and Combatting of Terrorism Financing (AML CTF) Act
  • Enactment Date: June 18, 2014

Key Components of the AML CTF Act

Money Laundering and Terrorist Financing: Overview

  • Money laundering: criminalized under Section 35
  • Terrorist Financing: criminalized under Section 36

Applicability

  • Individuals and organizations: financial sector (banking, finance, insurance, capital markets, real estate, minerals, lawyering, and accounting)

Prohibited Acts: Money Laundering

You commit money laundering if:

  1. You know or reasonably suspect money is proceeds of crime
  2. Intentionally attempt to conceal or whiten its source
  3. Engage in the following activities:
    • Transferring, transporting, or exchanging money
    • Acquiring or possessing it

Terrorist Financing: Definition and Requirements

  • Terrorist financing: providing money for terrorist activities or terror groups
  • No conviction: not necessary to prove the underlying criminal activity

Required Intent or Knowledge

  • Intent: varies depending on the specific act
    • Specific intention
    • Knowledge
    • Constructive knowledge

Penalties for Violating the Legislation

  • Natural persons: 5-10 years imprisonment, fine equal to double the illegal money amount
  • Corporate entities: SDG 500,000-5,000,000 fine

Limitations of AML CTF Act

  • Extra-territorial reach: no
  • Conflicts of laws: applicable within standard rules

Regulations for Businesses and Individuals

Adherence to Protective Rules and Procedures

  • Identification documents: for account opening and management
  • “Know-your-customer” (KYC) protocol: implementation
  • Record maintenance: of money transfer documents

Regulatory Bodies

  • Central Bank, Capital Market Authority, and insurance supervision board: responsible for enforcement and oversight

Penalties for Non-Compliance

  • Fines: for businesses
  • Imprisonment: for members of boards of directors

Enforcement Authorities and Contact Information

  • Undersecretary of the Ministry of Justice: serves as primary enforcement agent
    • Address: Justice Tower, Gamhuria Avenue, PO Box 302, Postal Code 11111
    • T: +249 183 764 168
    • Email: moj@mojj.gov.sd