The country enacted the Proceeds of Crime and Anti-Money Laundering Act and the Prevention of Terrorism Act to combat money laundering, financing of terrorism and to comply with international standards set by Financial Action Task Force (FATF) in order to protect the integrity of the financial system.
This law criminalizes money laundering and financing of terrorism, requiring the Financial Institutions to submit suspicious transactions and cash threshold reports to the Financial Reporting Centre (FRC). The FRC uses these reports to gather Financial Intelligence and further disseminate the suspicious reports to Law enforcers for investigation and prosecution.
The RFIC is currently providing capacity building programs witha focusthe implementation of supervisory requirements that will lead to implementation of a robust Anti-Money Laundering and countering financing of terrorism (AML/CFT) regime that meets international standards in collaboration with the European Union. The goal is to yield National and International confidence in the financial system and set to focus on financial inclusion.