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

Thank you for reading this post, if you have found it useful please share with your network using one of the share buttons below. If you have any suggestions or feedback, please send us an email at


We hope you have found this information helpfulPlease note that this information is provided for general informational purposes only and is not intended to be legal advice. No lawyer-client relationship is formed nor should any such relationship be implied. This answer is not intended to substitute for the advice of a qualified lawyer. If you require legal advice, please consult with a qualified lawyer. If you would like to find out more about a consultation, you may click on the button below.

Schedule a Consultation

error: Content is protected !!