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Yemen Passes Landmark Law to Combat Money Laundering

A Major Step Towards Tackling Financial Crimes

Sana’a, Yemen - In a significant move towards combating financial crimes, Yemen has enacted a law aimed at tackling money laundering and terrorist financing. The new legislation took effect on April 5, 2003, imposing strict regulations on financial institutions and individuals involved in suspicious transactions.

Key Provisions of the Law

• Financial establishments must report any transaction suspected of being linked to money laundering to the Data Collection Unit.
• The Anti-Money Laundering Committee will develop regulations and procedures to prevent and detect money laundering.
• Confidentiality is protected by law, prohibiting disclosure of information about transactions or individuals involved in suspicious activities.
• Penalties for money laundering include imprisonment for up to five years and confiscation of funds and earnings obtained from such activities.
• The court may issue an order to revoke a license or cease business operations.

Implementation

The implementing regulations for the law will be issued by presidential decree, upon approval by the Council of Ministers. The law will enter into force on the date of its publication in the financial gazette.

Enhancing Financial Sector and International Cooperation

Yemen’s efforts to combat money laundering are seen as a significant step towards strengthening its financial sector and enhancing cooperation with international partners in the fight against terrorism and organized crime.

Contact: Office of the President Sana’a, Yemen