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Anti-money Laundering

Published on Tuesday 21st November 2023

Money laundering

1. What laws in your jurisdiction prohibit money laundering?

2. What must the government prove to establish a criminal violation of the money laundering laws?

3. What are the predicate offences to money laundering? Do they include foreign crimes and tax offences?

4. Is there extraterritorial jurisdiction for violations of your jurisdiction’s money laundering laws?

5. Is there corporate criminal liability for money laundering offences, or is liability limited to individuals?

6. Which government authorities are responsible for investigating violations of the money laundering laws?

7. Which government agencies are responsible for the prosecution of money laundering offences?

8. What is the statute of limitations for money laundering offences?

9. What are the penalties for a criminal violation of the money laundering laws?

10. Are there civil penalties for violations of the money laundering laws? What are they?

11. Is asset forfeiture possible under the money laundering laws? Is it part of the criminal prosecution? What property is subject to forfeiture?

12. Is civil or non-conviction-based asset forfeiture permitted under the money laundering laws? What property is subject to forfeiture?

Anti-money laundering

13. Which laws or regulations in your jurisdiction impose anti-money laundering compliance requirements on financial institutions and other businesses?

14. What types of institutions are subject to the AML rules?

15. Must payment services and money transmitters be licensed in your jurisdiction? Are payment services and money transmitters subject to the AML rules and compliance requirements?

16. Are digital assets subject to the AML rules and compliance requirements?

17. What are the specific AML compliance requirements for covered institutions?

18. Are there different AML compliance requirements for different types of institutions?

19. Which government authorities are responsible for the examination and enforcement of compliance with the AML rules?

20. Are there requirements to monitor and report suspicious activity? What are the factors that trigger the requirement to report suspicious activity? What is the process for reporting suspicious activity?

21. Are there confidentiality requirements associated with the reporting of suspicious activity? What are the requirements? Who do the confidentiality requirements apply to? Are there penalties for violations of the confidentiality requirements?

22. Are there requirements for reporting large currency transactions? Who must file the reports, and what is the threshold?

23. Are there reporting requirements for cross-border transactions? Who is subject to the requirements and what must be reported?

24. Is there a financial intelligence unit (FIU) or other government agency responsible for analysing the information reported under the AML rules?

25. What are the penalties for failing to comply with your jurisdiction’s AML rules, and are they civil or criminal?

26. Are compliance personnel subject to the AML rules? Can an enforcement action be brought against an individual for violations?

27. What is the statute of limitations for violations of the AML rules?

28. Does your jurisdiction have a beneficial ownership registry or an entity or office that collects information on the beneficial ownership of legal entities?

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