23 Jan Money Laundering (Prohibition) (Amendment) Act 2012
About the Law
This Act amends the Money Laundering (Prohibition) Act, No. 11 2011 to expand the scope of Money Laundering offences and enhance customer due diligence measures.
- Provides for internal procedures, policies and controls.
- Provides that financial institutions shall not enter or continue correspondent banking relationships with shell banks
- Amendments to penalties for money laundering offences for individuals and corporate bodies
You may find out more about the provisions of this law here – Money Laundering Amendment Act 2012
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