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What is money laundering?

Money laundering is the illegal process of concealing the origins of money obtained illegally by passing it through a complex sequence of banking transfers or commercial transactions.

Section 1 of the ANTI-Money Laundering Act, 2008 (Act 749) as amended states that; a person commits an offence of money laundering if the person knows or ought to have known that property is or forms part of the proceeds of unlawful activity and the person:

                        (a) converts, conceals, disguises or transfers the property,

                        (b) conceals or disguises the unlawful origin of     the property, or

                        (c) acquires, uses or takes possession of     the property.

Stages of Money Laundering
Risk Assessment
Beneficial owner
Terrorist financing
Terrorist organisation
Financial Action Task Force (FATF)
Inter – Governmental Action Group against Money Laundering in West Africa (GIABA)
The phrase ‘without delay’ means
Inter – Governmental Action Group against Money Laundering in West Africa (GIABA)
FATF Style Regional Body (FSRB)

These are regional bodies created to replicate the activities of the FATF. Activities such as Mutual Evaluations, capacity building workshops are organized by the regions. The following are FATF Style Regional Bodies;

  • Asia/Pacific Group on combating money laundering (APG)
  • Caribbean Financial Action Task Force (CFATF)
  • Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism of the Council of Europe (MONEYVAL)
  • Eurasian Group (EAG).
  • Middle East and North Africa (MENAFATF)
  • Eastern and Southern Anti-Money Laundering Group (ESAAMLG).
  • Financial Action Task Force on Latin America (GAFILAT).
  • Task Force on Money Laundering in Central Africa (GABAC).
  • Inter-Governmental Action Group against Money Laundering in West Africa (GIABA).
Know Your Customer/Customer due diligence (KYC/CDD)
Record Keeping
Express trust
Mutual Evaluation
National Risk Assessment
Virtual Asset
Politically Exposed Persons
Self-Regulatory Body (SRB)
Shell bank

This means a bank that has no physical presence in the country in which it is incorporated and licensed, and which is unaffiliated with a regulated financial group that is subject to effective consolidated supervision.

Targeted financial sanctions
Predicate offence
Predicate offences designated by the FATF:
Designated person or entity refers to:
Money or value transfer services (MVTS)
Designated Non-Financial Businesses and Professions means:
Suspicious Transaction Report (STR)
Non-profit organisation (NPO)
Terrorist financing abuse

Refers to the exploitation by terrorists and terrorist organisations of NPOs to raise or move funds, provide logistical support, encourage or facilitate terrorist recruitment, or otherwise support terrorists or terrorist organisations and operations.

Simplified CDD measures
Cross-border wire transfer
Wire transfer
Physical cross-border transportation
Correspondent banking
Cash Transaction Report (CTR)
Electronic Currency Transaction Report (ECTR)
Compliance Reports
Risk-based approach (RBA)
Payable-through accounts
Mutual Legal Assistance
New technologies

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