Financial Crime World

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Terrorist Financing Offenses: Punishments and Penalties

A new law aimed at combating terrorist financing has been passed in [Country], introducing stricter penalties for those found guilty of supporting or facilitating terrorist activities.

Punishments and Penalties

According to Article 30 of the Anti-Money Laundering and Terrorist Financing Law, anyone who commits, attempts, abides by, participates in, instigates, or conspires to commit a money laundering or terrorist financing offense can be sentenced to:

  • Temporary imprisonment with hard labor
  • A fine equivalent to the proceeds of the crime

The law also allows for the confiscation of assets linked to the crime, including:

  • Funds
  • Revenues
  • Interests

In cases where the assets are mixed with legitimate funds, only the estimated value of the criminal proceeds will be subject to confiscation.

Penalties for Different Offenses

Article 31 outlines various penalties for different offenses related to terrorist financing, including:

  • A fine equivalent to at least 10% of the value of cash or bearer negotiable instruments for failing to declare or falsely declaring information regarding such instruments
  • Doubled fines in cases of recurrence

The law also introduces penalties for legal persons found guilty of committing money laundering or terrorist financing offenses through their employees or representatives, including:

  • Fines up to $500,000
  • Suspension or cessation of operations for a period of up to one year

Consequences of Guilt

Article 32 provides that any person found guilty of a money laundering or terrorist financing offense may have their assets frozen and can be sentenced to imprisonment. The law also allows for the seizure of assets linked to the crime.

Key Takeaways

  • Anyone found guilty of committing, attempting, abiding by, participating in, instigating, or conspiring to commit a money laundering or terrorist financing offense can face severe punishments.
  • The law allows for the confiscation of assets linked to the crime, including funds, revenues, and interests.
  • Legal persons found guilty of committing money laundering or terrorist financing offenses through their employees or representatives can face significant fines and penalties.
  • The law aims to prevent the financing of terrorist activities by making it more difficult for criminals to launder money and hide their illegal proceeds.

Source

Anti-Money Laundering and Terrorist Financing Law No. [Law Number] of 2021, Article 30-33