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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