THE National Assembly here passed the Anti Money Laundering (Amendment) Act of 2012 that aims at intensifying the fight against capital flight and financing of terrorism activities.
Finance Minister Mustafa Mkulo told the house while winding up the debate on the legislation on Friday that the ministry would soon revise regulations of the Anti Money Laundering Act of 2006 to cope with the new law.
“There are those who have been arguing that Anti Money Laundering Act was being enforced without regulations but the truth is that regulations were formulated in 2007. However, they will be reviewed in line with the new legislation,” Mr Mkulo said.
The Minister was also against proposals put forward by some legislators that the new law should specify the maximum amount of money that a person has to declare while crossing border.
“There is no need of having a fixed amount in the law due to flexibility of the economy. The amount will be stipulated only in the regulations,” he explained.
Speaking earlier, Deputy Minister for Finance, Mr Pereira Ame Silima said proposals in the bill were prompted by challenges faced during the implementation of the Anti Money Laundering Act of 2006.
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