YES / NO / DRAFT / IN FORCE / PROPOSED
CREATION OF A CRIMINAL OFFENCE (A.1C.1) / ü / Proceeds of Crime Act, No. 10 of 1993, Section 60 Establishes money laundering as an illegal act.
Money Laundering (Prevention) Act, No. 36 of 1999 incorporates offences for extortion, fraud, terrorism, blackmail, drug trafficking and robbery.
FORFEITURE A.2.b (i) / ü / Proceeds of Crime Act, No. 10 of 1993, Sections 9-17 Establish the process of forfeiture, however, seizure can only take effect once there has been a conviction.
Money Laundering (Prevention) Act, No. 36 of 1999
FINANCIAL INFORMATION (sharing of financial information by competent authorities) (A.3.a (i)) / ü / Mutual Assistance in Criminal Matters Act, No. 10 of 1996, The Committee of Banking Supervisors (BASLE), the Customs authorities both have established information interchange and the Police Department interfaces through INTERPOL.
FINANCIAL INFORMATION (authorization of financial institutions to provide information to authorities on their clients (C.2. a (i )) / ü / Money Laundering (Prevention) Act, No. 36 of 1999, section 8 (1)(b-g) requires financial institutions to provide information to competent authorities on their clients.
FINANCIAL INFORMATION (information exchange between courts/authorities pursuant to international agreements (A.3.b (i) –
C. 2. B (i) ) / ü / Mutual Assistance in Criminal Matters Act, No.10 of 1996, Sections 19 & 20 legislate matters concerning Assistance to Commonwealth Countries in obtaining evidence and locating and identifying a person. / A central agency of contact for information exchange does not exist. Plans are in progress for the establishment of such a unit.
FINANCIAL INFORMATION (direct information exchange through international agreements ( C.11)) / ü[1]
LEGAL ASSISTANCE, (government authorized to respond to requests for legal assistance from other governments (C.6)) / ü / Mutual Assistance in Criminal Matters Act, No.10 of 1996
LEGAL ASSISTANCE (government authorized to exchange evidence and information in money laundering investigations/prosecutions and for purposes of asset forfeiture (C.12)) / ü / Mutual Assistance in Criminal Matters Act, No. 10 of 1996, Sections 19 & 20 are relevant to obtaining evidence and locating or identifying a person.
SHARING OF FORFEITED ASSETS (C.7) / ü / ü / No details were provided.
UNDERCOVER OPERATIONS (C.8) / ü
FINANCIAL TRANSACTION RECORDS (requirement to keep and maintain clear and complete records) (C.10) / ü / Money Laundering (Prevention) Act, No. 36 of 1999, section 8(1)(a) provides for the establishment and maintenance of transaction records for a period of five years. No monetary limit has been set.
EVALUATION AND RECORDKEEPING (basis or forum for evaluating funds transfer systems and on the basis of the evaluation,
record keeping measures for f.i.’s and wire transmitters) (D.6) / ü / ü / Currently being considered. (No further details provided)
EXTRADITION (C.13) / ü / Extradition Act, No.12 of 1986 establishes extradition procedure regardless of existing treaties. Money laundering related to the crimes (fraud, blackmail, offences connected to illicit drugs and firearms) contained within the law is an extraditable offence.
SUSPICIOUS/UNUSUAL TRANSACTION REPORTING ( D.2) / ü / Exchange Control Ordinance makes provision for disclosure of information for the purpose of securing compliance with or detecting evasion of this ordinance.
RECORDING/REPORTING OF LARGE TRANSACTIONS (D.3) / ü / Money Laundering (Prevention) Act, No. 36 of 1999, sections 8(1)(a) and (c) provides for the reporting of large transactions.
REGULATORY/OVERSIGHT AGENCIES (authority to supervise and impose administrative sanctions) (D.4) / ü / Ministry of Finance (Banking Department) established be Cabinet decision No. 843 of 1985.
ANALYSIS AND EVALUATION OF ANTIMONEY LAUNDERING LAWS AND OF MONEY LAUNDERING METHODS (D.5) / ü / National Anti-Money Laundering Standing Committee. (No further details provided)
NATIONAL FORFEITURE FUND (E.2) / ü
CENTER FOR THE COLLECTION, ANALYSIS AND SHARING OF INFORMATION (related to money laundering) (E.3[)] / ü
TRAINING (E.5) / ü / Money Laundering (Prevention) Act, No. 36 of 1999, sections 10(a) and (b) establishes that the responsibility for training personnel falls on the financial institutions.
[1] There was no additional detail concerning projected measures.
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