The Money Laundering and Proceeds of Crime Amendment Bill 2010 which was tabled in Parliament on Wednesday have sought to amend the Money Laundering and Proceeds of Crime Act 2002.
The Amendment wants to make provisions that would give effect to several recommendations.Among the objects of the Bill is to re-establish the Financial Intelligence Unit by statute as a statutory entity and vest it with powers that were delegated under the 2004 amendments to the Act.
With the additional powers the Act would criminalize the financing of terrorism and associated money laundering acts and freeze and confiscate terrorists' assets.
The Act would also require financial instructions and cash dealers to report suspicious financial transaction.
It will also provide a greater measure of international. The debate on the bill continues today.
Source: Press Release, Government Communications Unit