20150204 CEA Practice Circular
AML - Anti-Money-Laundry
CFT - Countering the Financing of Terrorism
The two main legislations against money laundering and terrorism financing;
- CDSA - The Corruption, Drug Trafficking and other Serious Crimes (Confiscation of Benefits) Act and
- TSOFA - The Terrorism (Suppression of Financing) Act
FATF - Finiancial Action Task Force 1989
THE important gatekeepers
to counter the threat of
money laundering and terrorism financing
- Real Estate Agency Sector
- Financial sector
- Public accountants,
- casinos,
- moneylenders,
- pawnbrokers,
- company service providers,
- developers and lawyers.
According to the provisions in the CDSA,
under sections 43 and 44,
it is an offence for
any person to assist another
to retain benefits of drug dealing/
to retain benefits from criminal conduct.
It is an offence to enter into or
otherwise facilitate
an arrangement knowing or
having reasonable grounds
to believe that another person
has been/is involved in,
or has benefited from drug dealing
or criminal conduct and
that by that arrangement:
a) It will facilitate the retention or
control of that person’s benefits of drug
trafficking or criminal conduct; or
b) Such benefits of drug trafficking or
criminal conduct are used to
secure funds or acquire property
(by way of investment or otherwise)
for that person.
8 Under sections 46 and 47 of the CDSA,
all persons,
including estate agents and salespersons,
shall not or facilitate to acquire,
possess, use, conceal, convert,
transfer or remove from
jurisdiction any property which,
directly or indirectly,
represents another person’s benefits of
drug dealing or criminal conduct.
9 Persons who are found to have committed
the offences set out in
sections 43,44, 46, and 47 of the CDSA
are liable to be punished with a fine
not exceeding $500,000 or
imprisonment for a term
not exceeding 10 years, or to both.
If the offence is committed
by an entity other than an individual
e.g. a company, the penalty is
a fine not exceeding $1 million.
under sections 43 and 44,
it is an offence for
any person to assist another
to retain benefits of drug dealing/
to retain benefits from criminal conduct.
It is an offence to enter into or
otherwise facilitate
an arrangement knowing or
having reasonable grounds
to believe that another person
has been/is involved in,
or has benefited from drug dealing
or criminal conduct and
that by that arrangement:
a) It will facilitate the retention or
control of that person’s benefits of drug
trafficking or criminal conduct; or
b) Such benefits of drug trafficking or
criminal conduct are used to
secure funds or acquire property
(by way of investment or otherwise)
for that person.
8 Under sections 46 and 47 of the CDSA,
all persons,
including estate agents and salespersons,
shall not or facilitate to acquire,
possess, use, conceal, convert,
transfer or remove from
jurisdiction any property which,
directly or indirectly,
represents another person’s benefits of
drug dealing or criminal conduct.
9 Persons who are found to have committed
the offences set out in
sections 43,44, 46, and 47 of the CDSA
are liable to be punished with a fine
not exceeding $500,000 or
imprisonment for a term
not exceeding 10 years, or to both.
If the offence is committed
by an entity other than an individual
e.g. a company, the penalty is
a fine not exceeding $1 million.
