Act on detecting and preventing money laundering and terrorist financing 5032008. The revisions brought the act in line with the financial action task forces 40. The revised money laundering and terrorism prevention act, 2008 mltpa came into effect on 1 january 2009. The prevention of money laundering act enforcement directorate. Terrorism financing offences extend to any person who solicits, acquires, receivesi. Prevention of money laundering amendment act year 2017. Frequently asked questions on the prevention of money.
Money laundering and terrorism prevention act chapter 104 revised edition 2011 showing the substantive laws as 31st december, 2011 this is a revised edition of the. Prevention of money laundering amendment act, 2009 7. The prevention of moneylaundering bill having been passed by both the houses of parliament received the assent of the president on 17th january, 2003. Amendment of section 2 of act 201123 section 2 of the money laundering and financing of terrorism prevention and control act, 2011 act 201123, in this act referred to as the principal act, is. Money laundering and financing of terrorism prevention and control act, 2011 23 9 c any part of such copy, reproduction or duplicate. Prevention of money laundering act, 2002 wikipedia. Nigeria was rated noncomplaint by giaba in the following. Suspension of activities and suspension and revocation of licence. Combating money laundering and financing of terrorism. Act on detecting and preventing money laundering and. The prevention of moneylaundering amendment bill, 2011 a bill further to amend the prevention of moneylaundering act, 2002. This act amends the money laundering prohibition act, no. The prevention of money laundering amendment bill, 2011 was introduced by the minister of finance, mr.
Rules under the prevention of money laundering act, 2002 8. Acts and rules department of revenue ministry of finance. Overview of key sections of nigerias money laundering prohibition. Such action under pmla entails attaching and confiscating tainted assets, and prosecuting personsentities for the offence of money laundering.
The term money laundering in south african criminal law refers to a number of different offences that can be committed in terms of the prevention of organised crime act 121 of 1998 poca. An insight into the money laundering prohibition act core. Money laundering prohjbltlon act, 2011 a bill for an act to repeal the money laundering prohibition act, 2004 and enact the money laundering prohibition \ct. This act may be cited as the money laundering and financing of terrorism prevention and control act, 2011. Money laundering and financing of terrorism prevention. Registered auditors are required to comply with all legislation applicable to them, which include the fic act, as. Be it enacted by parliament in the sixtythird year of the republic of india as follows. The act was amended by the prevention of money laundering amendment act 2009 w.
The money laundering prohibition act, 2011 has repealed the money laundering prohibition act, 2004 by providing for, among other things, that no person or body corporate shall, except in a. An act to amend the money laundering prohibition act no. Prevention of money laundering act, 2002 is an act of the parliament of india enacted by the nda government to prevent moneylaundering and to provide for confiscation of property derived from. Be it enacted by the parliament of the commonwealth of dominica as follows gazetted 1st. Find, read and cite all the research you need on researchgate.
Policy framed based on prevention of money laundering act, 2002, the rules framed there under and circulars issued by regulatory authorities. First of all the money laundering legislation, does not act upon the crime itself it deals with the process of the crime. Pdf the nigerian money laundering prevention and prohibition. Traditionally, antimoney laundering aml efforts have been a governmental role, but over the past. The prevention of money laundering act, 2002 came into force with effect from 1st july, 2005. Money laundering prevention act, 2012 bangladesh customs. An act further to amend the prevention of money laundering act, 2002. Money laundering and kyc regulations in south africa.
Pdf this article looks at the history of antimoney laundering laws as well as current developments in this field. Preliminary provisions subject matter article 1 this. Bill further to amend the prevention of moneylaundering act, 2002. Prohibition act 2011,4 the later repealing the money laundering prohibition act.
Be it enacted by parliament in the sixtysecond year of the republic of. These guidelines may be cited as the anti money laundering guidelines for the provision of mobile payment services, 20. There are 3 main acts to consider when dealing with. These regulations amend the money laundering regulations 2007 s. Money laundering prevention act,2012 antiterrorism act, 2009. It complements and works with the prevention of organised crime act, 1998 which contains the substantive money laundering offences. B11 refers to procedures and guidelines set out in chapter 2 and 5 of. Combating money laundering and financing of terrorism 3 introduction 1.
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