11 Jun 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.

Key features:

  • 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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