By AARON CHIYANZOCABINET has approved the Financial Intelligence Centre amendment Bill 2020 for publication and introduction in Parliament.The objectives of the Bill are to amend the FIC Act number 46 of 2010 so as to redefine the functions of the Centre.Other objectives are to revise the definition of high risk persons in accordance with international standards, to provide for customer due diligence on wire transfers in accordance with international standards, to provide a risk management framework for anti-money laundering requirements and expand the scope of reporting entities.This is according to a statement issued by chief Government spokesperson, Dora Siliya on the decisions made by Cabinet during its 21st meeting held virtually yesterday.Ms Siliya said the FIC Act number 46 of 2010 was inadequate in dealing with issues relating to combating money laundering and financing of terrorism or proliferation and therefore needed to be amended.She said the call for the amendments was also to conform with […]
Cabinet approves FIC amendment bill for publication
