Regulatory Alerts2023-01-01
Money Laundering (Administrative Sanctions) Rules, 2023
The Governor of the Central Bank of Lesotho has issued the Money Laundering (Administrative Sanctions) Rules, 2023 to establish a formal administrative sanctions regime for accountable institutions supervised by the Bank. The Central Bank must issue a written notice detailing the intended sanction and the institution's right to show cause before imposing penalties, which must be paid within thirty days. The Rules empower regulators to remove directors or senior management, prohibit specific products or processes, restrict managerial decision-making, and mandate remedial plans, internal inquiries, or disciplinary actions to enforce compliance with the Money Laundering and Proceeds of Crime Act.
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