Combating Money Laundering and Terrorist Financing
The establishment of a Financial Intelligence Authority and a Financial Intelligence Authority Board Under the Anti-Money Laundering Act, 2013 is for the prohibition and prevention of money laundering, in order to combat money laundering activities:
- To impose certain duties on institutions and other persons, businesses and professions who might be used for money laundering purposes.
- To make orders in relation to proceeds of crime and properties of offenders.
- To provide for international cooperation in investigations, prosecution and other legal processes of prohibiting and preventing money laundering.
- To designate money laundering as an extraditable offence; and to provide for other related matters.