Govt amending anti-money laundering laws

PARLIAMENT is now in the process of strengthening the Money-Laundering and Proceeds of Crime Act by amending the law to ensure that it is consistent with international standards.

Chairperson of the Parliamentary Portfolio Committee on Finance and Economic Development, David Chapfika (pictured) told journalists on Thursday that the Money-Laundering and Proceeds of Crime (Amendment) Bill will suppress money-laundering and financial terrorism acts.

“The Money-Laundering and Proceeds of Crime Act was enacted in June 2013, but due to the increase in cases of money-laundering and financing of terrorism globally, it has led to countries strengthening their existing legislations in line with international standards,” Chapfika said.

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