Prevention of Money Laundering and Funding of Terrorism (Amendment) Regulations, 2019

by , on Jun 28, 2019 01:25:01 AM

With the advent of legal notice 77 of 2019, which was duly published on the 16th of April 2019, the main focus was the protection of employees or officials of subject persons being afforded, when reporting suspicions of money laundering and funding of terrorism. The amendments specify that no detrimental action can be taken against such individuals for reporting such suspicions, and goes on the specify the rights given to the such individuals should they feel that detrimental action has been taken against them. These rights include applying to court for injunction or any other precautionary act specified in the amendments, besides also being the right to compensation for any damages sustained. The definition of the different actions that are defined as detrimental are specified within regulation 15A of the legal notice.

The legal notice goes on to specify the restriction, either partial or complete, of the rights as specified under regulation 4 of the Restriction of the Data Protection (Obligations and Rights) Regulations, when it comes to dealing with prevention of money laundering and prosecution of such criminal offences.