Podcast
Questions and Answers
What is the responsibility of banks and financial institutions according to the case of Beezadhur T v Independent Commission Against Corruption & Anor?
What is the responsibility of banks and financial institutions according to the case of Beezadhur T v Independent Commission Against Corruption & Anor?
- To seize assets related to money laundering
- To investigate suspicious transactions
- To report suspicious transactions exceeding the prescribed limit to the Financial Intelligence Unit (correct)
- To freeze accounts of individuals suspected of money laundering
What is the purpose of the National Committee for Anti-Money Laundering and Combating the Financing of Terrorism established under Section 19A of the FIAMLA?
What is the purpose of the National Committee for Anti-Money Laundering and Combating the Financing of Terrorism established under Section 19A of the FIAMLA?
- To investigate and prosecute money laundering cases
- To coordinate efforts to combat terrorist financing
- To develop and implement AML/CFT counter measures and strategies (correct)
- To provide training to financial institutions on AML/CFT
What is the focus of the AML/CFT counter measures and strategies used by the Financial Intelligence Unit?
What is the focus of the AML/CFT counter measures and strategies used by the Financial Intelligence Unit?
- Only combating money laundering
- Combating both money laundering and terrorist financing (correct)
- Only combating terrorist financing
- Combating fraud and corruption
What is the prescribed limit related to in the case of Beezadhur T v Independent Commission Against Corruption & Anor?
What is the prescribed limit related to in the case of Beezadhur T v Independent Commission Against Corruption & Anor?
In which section of the FIAMLA is the National Committee for Anti-Money Laundering and Combating the Financing of Terrorism established?
In which section of the FIAMLA is the National Committee for Anti-Money Laundering and Combating the Financing of Terrorism established?
What is the primary purpose of the Financial Intelligence and Anti Money Laundering Act (FIAMLA) 2002?
What is the primary purpose of the Financial Intelligence and Anti Money Laundering Act (FIAMLA) 2002?
What sections of the FIAMLA 2002 are specifically designed to safeguard the national and international financial system?
What sections of the FIAMLA 2002 are specifically designed to safeguard the national and international financial system?
What is the definition of money laundering provided in the FIAMLA 2002?
What is the definition of money laundering provided in the FIAMLA 2002?
What is the ultimate goal of the FIAMLA 2002, according to the Supreme Court?
What is the ultimate goal of the FIAMLA 2002, according to the Supreme Court?
What is the significance of the FIAMLA 2002, according to the Supreme Court?
What is the significance of the FIAMLA 2002, according to the Supreme Court?
What is the relation between the FIAMLA 2002 and the FATF, IOSCO, and IAIS?
What is the relation between the FIAMLA 2002 and the FATF, IOSCO, and IAIS?
What is the maximum fine applicable for committing money laundering offences under the FIAMLA?
What is the maximum fine applicable for committing money laundering offences under the FIAMLA?
According to the FIAMLA, what is the maximum term of penal servitude for money laundering offences?
According to the FIAMLA, what is the maximum term of penal servitude for money laundering offences?
What is the purpose of imposing a limit for cash transactions under the FIAMLA?
What is the purpose of imposing a limit for cash transactions under the FIAMLA?
Which court has jurisdiction to try money laundering offences under the FIAMLA?
Which court has jurisdiction to try money laundering offences under the FIAMLA?
What happens to the property of a person convicted of money laundering offences under the FIAMLA?
What happens to the property of a person convicted of money laundering offences under the FIAMLA?
What is the purpose of the FIAMLA provision for forfeiture of property?
What is the purpose of the FIAMLA provision for forfeiture of property?
