Abstract
The Anti Money Laundering Act, 1996, makes money laundering an offence. Financial institutions are required to maintain identification and record-keeping procedures laid down by the Central Bank. Where transactions conducted by a financial institution give rise to suspicion that an offence of money laundering is being committed or is being attempted, the fact must be reported by the institution to the Central Bank. Where die Central Bank is satisfied on die information provided that any person has engaged or is engaging or is about to engage in money laundering, it must disclose the information to the Commissioner of Police with a view to a criminal prosecution.
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