Prevention of Money Laundering and Financing of Terrorism Act (Unofficial)
- Law number:
- 10/2014
- Published date:
- 13/04/14
- Effective date:
- 13/10/14
Part 1: PRELIMINARY
Chapter 1: INTRODUCTION AND OBJECTIVES
1. Introduction and Citation
2. Objectives
Chapter 2: DICTIONARY OF CONCEPTS
3. Dictionary
4. Basis of Concepts
5. Money Laundering
6. Financing of Terrorism
7. Predicate Offence
8. Proceeds of Crime
9. Instrumentalities
10. Controlled Delivery
11. Funds or Property
12. Organised Criminal Group
13. Terrorist Act
14. Terrorist
15. Terrorist Organisation
Part 2: PREVENTION OF MONEY LAUNDERING AND FINANCING OF TERRORISM
Chapter 3: PREVENTIVE MEASURES
16. Identification of customers by Reporting Entities
17. Special identification requirements
18. Obligations of persons providing money or value transfer services
19. Special monitoring of certain transactions
20. Record Keeping
21. Programs to combat money laundering and financing of terrorism in Reporting Entities
22. Compliance with obligations by foreign subsidiaries and branches
Chapter 4: NON-PROFIT ORGANIZATIONS, MONEY OR VALUE TRANSFER SERVICE PROVIDERS, AND DESIGNATED NON-FINANCIAL BUSINESS AND PROFESSION
23. Non-profit organizations, money or value transfer service providers, and designated non- financial business and profession
Chapter 5: OTHER PREVENTIVE MEASURES
24. Obligation to report transportation of cash or bearer negotiable instruments in and out of the Maldives
Chapter 6: DISCLOSURE OF INFORMATION OF FINANCIAL TRANSACTIONS
25. Prohibition on shell banks
26. Disclosure of information of legal persons and arrangements
Part 3: DETECTION OF MONEY LAUNDERING AND FINANCING OF TERRORISM
Chapter 7: FINANCIAL INTELLIGENCE UNIT
27. Financial Intelligence Unit
28. Access to information
29. Action taken regarding suspicious transaction reports
30. Organization
31. Staffing
32. No conflict of interest
33. Reports submitted to the Financial Intelligence Unit
34. Database of the Financial Intelligence Unit
35. Annual Report
36. Operating budget
37. Confidentiality
38. Relations with foreign agencies
Chapter 8: REPORTING OF SUSPICIOUS TRANSACTIONS
39. Obligation to report suspicious transactions
40. Currency Transaction Reporting
41. International Fund Transfer reporting
42. Postponing of Transactions
43. Non-disclosure That Information of a Particular Person is submitted to the Financial Intelligence Unit
Chapter 9: EXEMPTION FROM LIABILITY
44. Exemption from liability for good faith reporting suspicious transactions
45. Exemption from liability for executing transactions
Chapter 10: RESPONSIBILITIES OF SUPERVISORY AUTHORITIES
46. General provisions on supervisory authorities of reporting entities
47. Role of supervisory authorities
Chapter 11: EXEMPTION FROM BANKING SECRECY AND PROFESSIONAL PRIVILEGE
48. Prohibition against invoking bank secrecy and professional privilege
Part 4: PART ON INVESTIGATION
Chapter 12: INVESTIGATION
49. Investigative techniques
50. Undercover operations and controlled delivery
Part 5: PENALTIES AND PROVISIONAL MEASURES
Chapter 13: PROVISIONAL MEASURES AND FREEZING AND SEIZING OF FUNDS AND PROPERTIES
51. Provisional measures
52. Actions to be taken against funds associated with financing of terrorism
Chapter 14: OFFENCES AND PENALTIES
53. Offence of money laundering
54. Offence of financing of terrorism
55. Association or conspiracy to commit money laundering and financing of terrorism
56. Offence committed outside Maldives
57. General offences
58. Penalties applicable to legal persons
59. Aggravating circumstances for money laundering
60. Aggravating circumstances for financing of terrorism
61. Mitigating circumstances
Chapter 15: CONFISCATION BY THE STATE
62. Confiscation by the State
63. Invalidation of certain legal instruments
64. Disposal of confiscated property
Part 6: ESTABLISHING AND MAINTAINING INTERNATIONAL COOPERATION
Chapter 16: GENERAL PROVISIONS
65. General Provisions
Chapter 17: SECURITY MEASURES CONCERNING FINANCING OF TERRORISM
66. Investigation of facts
67. Security measures
68. Right of persons subject to security measures
69. Notice to interested foreign countries
Chapter 18: EXTRADITION AND MUTUAL LEGAL ASSISTANCE
70. Request for extradition
71. Dual criminality
72. Political nature of offences
73. Transmission and processing of requests
Part 7: MISCELLANEOUS
Chapter 19: GENERAL PROVISIONS
74. Administrative sanctions for non- compliance
75. Regulations
76. Entry into force
77. Definitions
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