Regulatory Alerts2023-05-19
Law No 028/2023 on the Prevention and Punishment of Money Laundering, Terrorist Financing and Proliferation Financing
Enacted by the Rwandan Parliament and promulgated on 19 May 2023, this law establishes a comprehensive legal framework to prevent and punish money laundering, terrorist financing, and the financing of weapons of mass destruction proliferation. It mandates reporting persons and supervisory authorities to implement risk-based customer due diligence, maintain transparent beneficial ownership records, report suspicious transactions, and apply targeted financial sanctions to designated individuals and entities. The legislation further extends specific compliance obligations to non-profit organizations, strengthens international information exchange among financial intelligence and law enforcement bodies, and defines corresponding penalties and aggravating circumstances for non-compliance.