LEGISLATION

Legislation

Legislation
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This amendment to the principal act speaks to the following:-
  •  Civil Recovery; Cash detention; forfeiture and more ………

 

This amendment to the Principal Act No. 6 of 2012 gives the ECCB, the powers of supervision of all licensed Financial Institutions with the AML/CFT Legislations.

This amendment speaks to the Registration of Regulated Entities - it refers to all the registration of all relevant persons carrying on relevant business listed in the Proceeds of Crime Regulations- Section 2 (a) to (m) including Non-profit Organisations.

This amendment to the principal regulations speaks to countermeasures which Competent authorities  can require an entity/professional to take with regards to a business  relationship with any person who is situated of incorporated in a country which does not or insufficiently apply the FATF recommendations.