Financial Crime World

LAWMAKERS AMEND FINANCIAL LAWS TO BOOST FIGHT AGAINST MONEY LAUNDERING AND TERRORISM

In an effort to enhance the country’s financial systems and combat money laundering and terrorism, lawmakers have amended several financial laws. These changes aim to improve the detection and prevention of illegal activities, as well as strengthen international cooperation in fighting financial crimes.

Key Changes

  • The definition of “proliferation” has been broadened to include combating foreign bribery, which is expected to help plug loopholes exploited by criminals.
  • Regulatory bodies now have new powers to conduct inspections and audits on businesses to ensure compliance with anti-money laundering and combating the financing of terrorism (AML/CFT) standards.
  • The laws require competent authorities to formulate policies and make recommendations on skills development and capacity building initiatives to enhance their capabilities in fighting financial crimes.

New Committee System

The amendments establish a new committee system, which allows the Minister to set up committees as necessary for the effective administration and implementation of the law. This will enable more efficient decision-making and coordination in combating financial crimes.

Government Commitment

“These changes are aimed at strengthening our financial systems and enhancing international cooperation in fighting financial crimes,” said a government official. “We are committed to ensuring that our country is not used as a haven for money laundering and terrorism.”

Welcome Response from Anti-Money Laundering Advocates

The amendments have been welcomed by anti-money laundering advocates, who believe they will improve the country’s ability to detect and prevent illegal activities.

“This is a positive step forward in the fight against financial crimes,” said an expert. “We hope that these changes will lead to more effective enforcement of AML/CFT standards and improved international cooperation.”

Broader Effort

These amendments are part of a broader effort by lawmakers to strengthen the country’s financial systems and combat financial crimes. The goal is to create a more robust and effective system for detecting and preventing illegal activities, while also improving international cooperation in this area.