Financial Intelligence Centre Amendment Bill – Back to basics

Financial Intelligence Centre Amendment Bill – Back to basics

The Financial Intelligence Centre Amendment Bill [B33-2015] was published for comment on 29 April 2015. The parliamentary process is complete and the Bill is now awaiting presidential assent. Little has been made of this Bill in the media, perhaps because the changes envisaged by the Bill has no apparent nor immediate impact on ordinary consumers.

For accountable institutions (identified in FICA), however, the Bill is a call to action. It is an opportunity for businesses to take ownership of their processes to combat money laundering and terrorist financing activities. Merely ticking the boxes will no longer suffice. Read more

Anti-Money Laundering in Kuwait

Money laundering is often viewed as a victimless crime but the truth of the matter is that it is a very important cog to the machinery funding organized crime and terrorism across the globe.

Thailand: Anti-Money Laundering Law Strengthened

The Anti-Money Laundering Act B.E. 2542 (the “AML Act”) was recently amended by Amendment No. 5 which took effect on 9 October 2015. The new amendment makes changes to provisions to be in-line with the current anti-money laundering situation, to increase enforcement efficiency, and to conform to international standards. Key changes are as follows