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29/01/2010- Turkmenistan creates a Financial Intelligence Unit.
The EAG Executive Secretary, Mr. Igor Nebyvaev, lauded the creation of the Financial Intelligence Unit. He commented that it is a crucial step in Turkmenistan fulfilling its international obligations to be AML/CFT compliant.
The EAG experts assisted Turkmenistan with the creation of the Financial Intelligence Unit through their mission in April 2009, which was headed by Valerity Yaroshevsky, the EAG Deputy Chairman and Director of the Financial Monitoring Department of the State Control Committee of Belarus.
Prepared by:
Patricia Adams
IBA Commercial Legal Intern
Sources:
Eurasian Group on Combating Money Laundering and Financing of Terrorism news report 18/01/2010.
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06/01/2010 – China Has New AML Strategy.
The new AML strategy seeks to have an effective AML mechanism with Chinese characteristics by 2012.
According to the Central Bank, China’s new AML strategy will mainly help to consummate anti-money laundering criminal laws, build a national anti-terrorism financing network, improve anti-money laundering supervision, establish a non-financial industry anti-money laundering system, strengthen exchanges between departments, train anti-money laundering experts, participate in international cooperation and the making of relevant standards.
Regarding the establishment of a non-financial industry anti-money laundering system, it was noted that such institutions have become very attractive to money launderers. The Vice President of the Central Bank, Su Ning, noted that Lotteries and clearing houses are examples of non-financial institutions. Whether lawyers will be brought under the scope of the new regime remains to be clarified.
The IBA will continue to follow China’s new AML strategy. Click here to visit our recently updated Chinese template.
Prepared by:
Patricia Adams
IBA Legal Intern
Sources:
China CSR, China Publishes Its First Anti-Money Laundering Strategy, 5 January 2010.
Zhang, Ning, Anti-Money Laundering Plan Launched, CCTV.com, 12 December 2009.
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05/01/2010- Kenya Has New AML Legislation.
The Proceeds of Crime and Anti-Money Laundering Act includes lawyers in the list of “designated non-financial businesses or professions”.
Consequently, lawyers have a duty to report and monitor suspected money-laundering activities, verify clients’ identity, keep records of all transactions undertaken on behalf of clients and establish internal reporting and compliance procedures.
Click here to access the full text of the Bill.
Prepared by:
Patricia Adams
IBA Legal Intern
Sources:
Anyangu-Amu, Susan, Kenya: Anti-Money Laundering Bill passes, but does government mean business?, Inter Press Service, 29 December 2009.
Leftie, Peter, New law against money laundering signed, Daily Nation, 1 January 2010.
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