Informer
JF-Expert Member
- Jul 29, 2006
- 1,582
- 6,627
- Money laundering to remain unbailable
- Introduces counter terrorist financing and counter proliferation financing
- Beneficial ownership definition to be expanded
- Even 5% shareholding is an indication of direct shareholding
- Reporting persons proposed to now include auditors, tax advisers, car dealers • More obligations on reporting persons
- Politically exposed person definition widened
- Money laundering to be a separate, independent and distinct crime
The Government has tabled the Anti-Money Laundering (Amendment) Bill of 2022 in the National Assembly, and has called upon interested persons to participate in a public hearing tomorrow 5 February 2022 at the Msekwa Parliament Hall in Dodoma.
Among the key changes proposed, the Bill seeks to introduce counter terrorist financing and counter proliferation in addition to money laundering within the same law. It is proposed that reporting persons should also include auditors, tax advisers, credit reference bureau, motor vehicle dealers, clearing and forwarding agents, advocates (changed from Attorneys) amongst others.
If the Bill sails through, the reporting persons must now conduct money laundering, terrorist financing and proliferation financing risk assessment associated with new and existing customers, new products, existing products and business practices, the use of new technology, to mention a few. Further, reporting persons will be required to not only conduct due diligence at the outset of establishing a relationship with a customer, but also continue to conduct ongoing due diligence, and if due diligence is not completed, must report to the Financial Intelligence Unit (FIU) the non-completion of due diligence as a suspicious transaction report.
The offence of money laundering is proposed to be a separate, independent and distinct offence from the crime underlying money laundering offence and it shall not be necessary that a person first be convicted of the crime underlying money laundering offence (as the case is now) in order for that person to be convicted of money laundering. Moreover, conviction for the offence of money laundering is proposed to not amount to conviction for the associated underlying crime to money laundering offence.
Additionally, amendment to section 28(2) allows a director, manager, controller, principal officer or any person holding a similar position in a body corporate to defend her/himself that the offence was committed without her/his consent or connivance and that she/he exercised such diligence to prevent the commission of the offence as she/he ought to have exercised, having regard to the nature of her/his functions in that capacity and to the circumstances pertaining to commission of the offence.
The Bill proposes to make consequential amendment to five other laws, namely the Bank of Tanzania Act, Cap. 197; the Capital Markets and Securities Act, Cap. 79; the Insurance Act, Cap. 394; the Mutual Assistance in Criminal Matters Act, Cap. 254; the Prevention of Terrorism Act, Cap. 19; and the Proceeds of Crimes Act, Cap. 256
- Introduces counter terrorist financing and counter proliferation financing
- Beneficial ownership definition to be expanded
- Even 5% shareholding is an indication of direct shareholding
- Reporting persons proposed to now include auditors, tax advisers, car dealers • More obligations on reporting persons
- Politically exposed person definition widened
- Money laundering to be a separate, independent and distinct crime
The Government has tabled the Anti-Money Laundering (Amendment) Bill of 2022 in the National Assembly, and has called upon interested persons to participate in a public hearing tomorrow 5 February 2022 at the Msekwa Parliament Hall in Dodoma.
Among the key changes proposed, the Bill seeks to introduce counter terrorist financing and counter proliferation in addition to money laundering within the same law. It is proposed that reporting persons should also include auditors, tax advisers, credit reference bureau, motor vehicle dealers, clearing and forwarding agents, advocates (changed from Attorneys) amongst others.
If the Bill sails through, the reporting persons must now conduct money laundering, terrorist financing and proliferation financing risk assessment associated with new and existing customers, new products, existing products and business practices, the use of new technology, to mention a few. Further, reporting persons will be required to not only conduct due diligence at the outset of establishing a relationship with a customer, but also continue to conduct ongoing due diligence, and if due diligence is not completed, must report to the Financial Intelligence Unit (FIU) the non-completion of due diligence as a suspicious transaction report.
The offence of money laundering is proposed to be a separate, independent and distinct offence from the crime underlying money laundering offence and it shall not be necessary that a person first be convicted of the crime underlying money laundering offence (as the case is now) in order for that person to be convicted of money laundering. Moreover, conviction for the offence of money laundering is proposed to not amount to conviction for the associated underlying crime to money laundering offence.
Additionally, amendment to section 28(2) allows a director, manager, controller, principal officer or any person holding a similar position in a body corporate to defend her/himself that the offence was committed without her/his consent or connivance and that she/he exercised such diligence to prevent the commission of the offence as she/he ought to have exercised, having regard to the nature of her/his functions in that capacity and to the circumstances pertaining to commission of the offence.
The Bill proposes to make consequential amendment to five other laws, namely the Bank of Tanzania Act, Cap. 197; the Capital Markets and Securities Act, Cap. 79; the Insurance Act, Cap. 394; the Mutual Assistance in Criminal Matters Act, Cap. 254; the Prevention of Terrorism Act, Cap. 19; and the Proceeds of Crimes Act, Cap. 256
