Anti-Money Laundering and Other Matters Bill
Explore the details of bill number 20/2024.
Summary
- The Anti-Money Laundering and Other Matters Bill aims to amend various acts to align with Financial Action Task Force recommendations and improve the legal framework for addressing money laundering, terrorism financing, and the financing of weapons proliferation.
- Key amendments include updates to the Casino Control Act, which will now cover financing of proliferation of weapons of mass destruction, and enhancements to confiscation procedures under the Corruption, Drug Trafficking and Other Serious Crimes Act.
- The bill introduces new provisions for dealing with seized property, enable courts to order the sale of such property, and facilitates the sharing of information between various regulatory and law enforcement agencies regarding suspicious transactions.
- It includes provisions to allow the sale of property subject to restraint orders and alters procedures for determining ownership of seized property, particularly emphasizing conditions involving absconded persons suspected of relevant offenses.
- Additionally, the bill introduces a new Third Schedule to specify "foreign serious environmental and tax offences" related to money laundering, emphasizing the comprehensive approach to enhancing the laws addressing serious crimes.
Summary written by AI (edit)
Timeline
The bill is formally presented in Parliament for consideration.
5 months ago
The bill's title and key objectives are read out, but no debate occurs at this stage.
5 months ago
Members of Parliament debate the bill's general principles and overall merits.
4 months ago
The bill is examined in detail by a select committee, which may suggest amendments.
4 months ago
Members of Parliament debate the final version of the bill, including any amendments made.
4 months ago
The bill is voted on by the Members of Parliament and, if it receives the required majority, it becomes law. Do note that an exact vote may not be counted; the 'ayes' can simply be louder than the 'noes'.
4 months ago
The bill is passed and becomes law.
4 months ago