Third Mutual Evaluation Reports

The Anti-Money Laundering Act 2005 has been revised to take into account the weaknesses highlighted in the Financial Sector Assessment Programme (FSAP) report. The key strengths of the draft AML/CFT Bill include, among other things, the criminalization of money laundering and terrorism financing, extension of the powers for freezing order from 72 hours to ten (10)  working days, strengthening the powers and functions of the Financial Intelligence Unit (FIU), provision of proportionate and dissuasive sanctions for discuss the draft AML/CFT Bill