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Section 12 Money Laundering Act Section 12 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Prohibition of numbered or anonymous accounts, accounts in fictitious names and shell banks. It provides as follows: (1) The opening or maintaining of numbered or anonymous accounts by any person, financial institution or body corporate is prohibited.…
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Section 11 Money Laundering Act Section 11 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Mandatory disclosure by financial institutions and designated non-financial businesses and professions. It provides as follows: (1) Notwithstanding anything to the contrary in any other law or regulation, a financial institution or designated non-financial business and profession shall…
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Section 10 Money Laundering Act Section 10 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Internal procedures, policies and controls. It provides as follows: (1) Every financial institution and designated non-financial business and profession shall develop programmes to combat the laundering of the proceeds of a crime or other unlawful acts, and…
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Section 9 Money Laundering Act Section 9 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Communication of information. It provides as follows: The records referred to in section 8 of this Act shall be communicated on demand to a competent authority and such other regulatory authorities or judicial persons as the Unit…
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Section 8 Money Laundering Act Section 8 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Preservation of records. It provides as follows: (1) Financial institution and designated non-financial business and profession shall preserve and keep at the disposal of the authorities specified in section 9 of this Act— (a) all necessary records…
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Section 7 Money Laundering Act Section 7 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Suspicious transaction reporting. It provides as follows: (1) Where a transaction—(a) involves a frequency which is unjustifiable or unreasonable, (b) is surrounded by conditions of unusual or unjustified complexity,(c) appears to have no economic justification or lawful…
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Section 6 Money Laundering Act Section 6 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Occasional cash transaction by designated non-financial businesses and professions. It provides as follows: (1) A designated non-financial business and profession whose business involves cash transaction shall— (a) in the case of —(i) a new business, before commencement…
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Section 5 Money Laundering Act Section 5 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Duties incumbent upon casinos. It provides as follows: (1) A casino shall—(a) verify the identity of any of its customers carrying out financial transactions by requiring its customer to present a valid original document bearing his name…
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Section 4 Money Laundering Act Section 4 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Identification of customers. It provides as follows: (1) A financial institution and a designated non-financial business and profession shall—(a) identify a customer, whether permanent or occasional, natural or legal person or any other form of legal arrangements,…
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Section 3 Money Laundering Act Section 3 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Duty to report international transfer or transportation of funds, securitiesand cash. It provides as follows: (1) A transfer to or from a foreign country of funds or securities by a person or body corporate including a money…