Parlaiment passes Anti-Money Laundering and Counter-Terrorist Financing Bill

The national legislative assembly has successfully passed the Anti-money Laundering and Counter-terrorist Financing Act 2012 (amendment) bill, 2024.

This bill was presented by the chairperson of the National Security and Public Order Committee, Kom Kom Geng.

The newly amended bill, now comprising ten chapters and fifty sections, aims to strengthen the legal framework against money laundering and terrorism financing.

It introduces stringent penalties for individuals and organizations found guilty of such activities, thereby enhancing the country’s security measures.

Key provisions of the bill include detailed requirements for reporting entities to comply with anti-money laundering and counter-terrorist financing protocols.

These requirements are designed to ensure that financial institutions, businesses, and other relevant entities implement robust mechanisms to detect, report, and prevent suspicious financial activities.

By updating the original 2012 act, the amended bill reflects the evolving nature of financial crimes and the need for comprehensive and adaptive legal measures.

The national legislative assembly’s approval marks a critical step forward in the country’s ongoing efforts to combat financial crimes and safeguard national and international security.

The passage of this bill underscores the commitment of the legislative body to address pressing security concerns and uphold the integrity of the financial system.

The bill now awaits President Kiir Salva to assent into law.