Section 17 Money Laundering Act

Section 17 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Establishment of the Special Control Unit Against Money Laundering and functions. It provides as follows:

(1) There is established a department under the Economic and Financial Crimes Commission to be known as the Special Control Unit Against Money Laundering (in this Act referred to as “the SCUML”) which shall be responsible for the supervision of designated non-financial businesses and professions in their compliance with the provisions of this Act, relevant laws and applicable regulations.

(2) The functions of SCUML are to—
(a) register and certify designated non-financial businesses and professions in accordance with the provisions of this Act, relevant laws and applicable regulations ;

(b) monitor and supervise designated non-financial businesses and professions in accordance with the provisions of this Act, relevant laws and applicable regulations ;

(c) take necessary enforcement actions to ensure compliance with this Act, relevant laws and applicable regulations;

(d) conduct off-site, on-site, and on the spot checks, inspection of
designated non-financial businesses and professions for the purposes of
money laundering control and supervision ;

(e) establish and maintain a comprehensive database of designated nonfinancial businesses and professions;

(f) receive cash based transaction reports and currency transaction reports from designated non-financial businesses and professions in accordance with the provisions of this Act ;

(g) sensitise designated non-financial businesses and professions regarding their responsibilities under this Act ; and

(h) perform other function necessary to fulfil its responsibilities under this Act or any other relevant laws and applicable regulations.