AML&CTF ACT
The new Anti-Money Laundering and Counter-Terrorism Financing Act No. 13 of 2014 has repealed and replaced the old Financial Transaction Reporting Act, which came into effect and force in 2000. The AML&CTF Act was brought into effect and force on 24 June 2014.
The AML&CTF Act sets out the main AML&CTF framework by providing for the classification of businesses and professions carrying on services as reporting entities under the AML&CTF Act, setting out AML&CTF preventive measures to which the reporting entities are obliged to implement and comply with.
AML&CTF Preventive Measures include:
- Registration of business with VFIU
- Appointment of AML&CTF Compliance Officer
- Establishment and maintenance of AML&CTF Procedure Manual and AML&CTF Group-Wide Procedure Manual
- Establishment and maintenance of Risk-based Systems and Controls
- Establishment and maintenance of Customer Due Diligence
- Establishment and maintenance of Record Keeping
- Establishment and submission of Transactional Reports to the VFIU
- Establishment and on-going Staff Training on AML&CTF issues
- Establishment and maintenance of correspondent banking processes
- Establishment and maintenance of an independent audit system
The AML&CTF act can be downloaded or viewed from below:
| Act Information | ||
|---|---|---|
| Consolidated Anti-Money Laundering and Counter-Terrorism Financing Act No. 13 of 2014 | DOWNLOAD | |
| Anti-Money Laundering and Counter-Terrorism Financing (Amendment) Act No 16 of 2017 | DOWNLOAD | |
| Anti-Money Laundering and Counter-Terrorism Financing Amendment Act No. 2 of 2015 | DOWNLOAD | |
| Anti-Money Laundering and Counter-Terrorism Financing Act No. 13 of 2014 | DOWNLOAD | |
AML&CTF Related Legislation
AML&CTF related legislation includes:
| Act Information | ||
|---|---|---|
| Proceeds of Crime [Cap 284] | DOWNLOAD | |
| Mutual Assistance in Criminal Matters [CAP 285] | DOWNLOAD | |
| Counter Terrorism and Transnational Organised Crime Act [CAP 313] | DOWNLOAD | |
| Currency Declaration Act No. 7 of 2009 | DOWNLOAD | |
| Penal Code [Cap 135] | DOWNLOAD | |
| Customs Act No. 7 of 2013 | DOWNLOAD | |
| UN Convention against Corruption (Ratification) Act (No. 15 of 2010) | DOWNLOAD | |