Regulatory Alerts2014-04-13
Prevention of Money Laundering and Financing of Terrorism Act (2014)
The President of the Maldives promulgated the Prevention of Money Laundering and Financing of Terrorism Act (Law No. 10/2014) to establish a comprehensive legal framework for combating financial crimes. The legislation defines key terms such as money laundering and terrorist financing, and mandates strict reporting obligations for financial institutions and designated non-financial businesses and professions. It outlines specific procedures for the freezing of assets, the role of the Financial Intelligence Unit, and the powers of law enforcement agencies to investigate and prosecute offenses.
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