Financial Crime World

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Sudan’s Banking Regulations Toughen Up on Anti-Money Laundering and Terrorism Financing

In a move to strengthen its financial sector, Sudan has enacted legislation making it a criminal offence to engage in money laundering and/or terrorist financing. The Anti-Money Laundering and Combatting of Terrorism Financing (AML CTF) Act was promulgated in 2014 and remains in effect.

Compliance Requirements

Under the Act, individuals and legal persons operating in the financial sector, including:

  • Banking
  • Finance
  • Insurance
  • Capital markets
  • Real estate
  • Minerals
  • Law and accounting firms

are required to comply with strict regulations aimed at preventing money laundering and terrorist financing.

Definitions of Money Laundering and Terrorism Financing

  • Money Laundering: Intentionally transferring, transporting, or exchanging funds with the intention of concealing or whitening their criminal origin (Section 35 of the Act)
  • Terrorism Financing: Providing or raising funds with the intention of using them for terrorist activities (Section 36 of the Act)

Consequences of Non-Compliance

Those found guilty of violating the legislation face:

  • Imprisonment for 5-10 years
  • Fines equal to double the amount of illegal money or proceeds involved
  • Corporate entities can also be punished with fines up to SDG 50000-500000

Registration and Reporting Requirements

Businesses and individuals operating in specific sectors are required to:

  • Register certain activities
  • Report specific information

Banks, insurance companies, capital companies, financiers, and other companies must adopt and implement protective rules and procedures for:

  • Identification documents
  • Know-your-customer protocols
  • Money transfer documentation

Financial Information Unit (FIU) and National Committee for Combating Money Laundering and Financing of Terrorism

The 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 operates under the auspices of the President of Sudan and is responsible for developing strategies and plans to combat money laundering and terrorist financing.

Contact Information

For international liaison and other purposes, please contact:

  • Undersecretary of the Ministry of Justice: +249 183 764 168
  • moj@mojj.gov.sd

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