What is money laundering?
The goal of most criminal acts is to generate a profit. To enjoy their ill-gotten gains, criminals commonly seek to disguise the illegal source of those profits. Money laundering is the processing of criminal profits to disguise their illegal origin.
What is terrorism financing?
The term ‘terrorism financing’ includes the financing of terrorist acts, and of terrorists and terrorist organisations. The financing of terrorism may include the provision of any kind of asset in any form, including but not limited to—bank credits, travellers cheques, bank cheques, money orders, shares, securities, bonds, drafts, and letters of credit.
Who does the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 apply to?
Provides for the offence of money laundering, the measures to be taken for the prevention of money laundering and terrorism financing offences, investigation powers and the forfeiture of property involved in or derived from money laundering and terrorism financing offences, as well as terrorist property, proceeds of an unlawful activity and instrumentalities of an offence.
Why do I have to provide identification?
When regulated businesses are providing a ‘designated service’ they may ask their customers to provide information about their identity. Designated services include, but are not limited to, — company incorporation, opening a bank account, employment pass application, obtaining a loan, buying shares etc.
What happens if I do not have identification?
A business may not be able to provide the service you require if you are unable to provide the appropriate level of identification required.
Law & Commerce Trust Limited
Ready to Start Your Offshore Journey?
Contact our experts today for a confidential consultation
The information on this website is provided for general purposes only. While we strive to keep it accurate and up to date, we make no guarantees. By using our site, services, or applications, you agree that we and our authorised providers may use cookies and similar technologies to enhance your experience and support advertising efforts.
