Regulatory Alerts2014-06-05
Money Laundering and Financing of Terrorism (Prevention) Act 2011
Enacted by the King and Parliament of Swaziland, this legislation criminalizes money laundering and terrorism financing while establishing the Swaziland Financial Intelligence Unit (SFIU) to oversee compliance. It mandates accountable institutions, including financial entities and legal professionals, to verify customer identities, maintain accurate records, monitor transactions exceeding specified thresholds, and promptly report suspicious activities. The Act grants competent authorities comprehensive powers to restrain, search, seize, and forfeit tainted or terrorist assets, while imposing strict pecuniary penalties and criminal liabilities for non-compliance.
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