On September 30, 2019, the National Assembly approved a bill to enhance penalties and sanctions for money laundering. The Anti-Money Laundering (Amendment) Bill 2019 aims to restructure the existing anti-money laundering law in line with international standards, enhancing the punishment for the offence of money laundering.
The bill will make further improvements to the AML Act 2010, in line with suggestions from anti-money laundering/counter-terrorism financing (AML/CTF) stakeholders and law enforcement agencies that the offence be punishable under the AML Act 2010 as a "cognizable offence".
These amendments would also allow the financial intelligence unit to seek Egmont Group membership, which is a requirement under the Financial Action Task Force Recommendations.
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