Regulatory Alerts2016-01-01
Money Laundering and Financing of Terrorism (Prevention) (Amendment) Act 2016
The King and Parliament of Swaziland enacted the Money Laundering and Financing of Terrorism (Prevention) (Amendment) Act, 2016 to strengthen the regulatory framework governing accountable institutions and the Swaziland Financial Intelligence Unit. The legislation mandates comprehensive risk assessment and management processes, introduces cash threshold reporting requirements, and restricts correspondent banking relationships with shell banks to mitigate money laundering and terrorism financing risks. It establishes a robust administrative sanctions regime with financial penalties up to five million Emalangeni, creates an independent Appeals Tribunal for non-compliance disputes, and enhances the Unit’s operational capacity through improved staff security screening and board governance.