The Legislative and Constitutional Committee at the House of Representatives (HoR) has approved the amendments of Law No. 80 for 2008 of Money Laundering (LML).
The bylaw revealed that the 237 Article of Constitution states that all bodies of the government must do their best to fight terrorism in all forms and trace the sources of financing according to a time table.
That article considers terrorism as a source of threats to the homeland and its citizens.
Law authorizes the government to take measurements to fight terrorism and make up for damages resulted from it.
The bylaw added that the Law of Money Laundering was enacted in 2002 to impose objective sentences to limit the negative impacts of money laundering within the state’s efforts to fight that crime according to modify the local legislations with the international ones.
The state seeks to abide by international standards.
The concerned authorities are authorized to take the legal measurements against the suspects either inpiduals or legal persons that come under their jurisprudence.
The bad assets or money may be confiscated for concrete evidence related to laundering money.
A number of rules are to be enacted to activate the international law to fight money laundering and other crimes linked to it such as funding terrorism.
The Ministry of Justice has phrased amendments to enlarge the concepts of money to include all material and virtual assets and all economic resources like crude oil and natural resources and properties on any value.
The amendments include a new article to systemize the rules of confiscating the assets to conform to the international standards that define a wider concept for confiscating.
The amendments replaced the 16 repeated articles with another that define the unity of fighting the money laundering and funding terrorism to take measurements against the financial institutions.
Article 1, clause Y defines the agencies concerned with fighting money laundering and the other original crimes related to avoid the contradiction of jurisprudence among those agencies.
The bylaw defines those agencies clearly.
Article 9 enforces all agencies to keep comprehensive statics to ensure the efficiency of the systems of money laundering and funding terrorism.
This article authorizes the bylaw to define those agencies in detail.
Article 14 defines the penalties for those who commit crimes termed in that law.
Article 17 authorizes the Public Prosecutor and the General Military Attorney to take suitable measurement upon recommendations submitted by head of the Council of Trustees of Fighting Money Laundering and Terrorism Funding Unit ( FMLU TF) according to urgency or necessity to impose temporarily measurements include freezing or holding the assets to prevent the suspects from using those linked to the crimes of money laundering.
Article 18 obliges the authorities concerned with fighting money laundering and the original crimes associated with it or financing terrorism automatically or at the request of counterparts in other countries to provide as much international cooperation as possible to combat money laundering and related original crimes or terrorist financing.
That article stresses that any measurements must not contradict the basic principles of the legal system in the state and guarantees the confidentiality of that cooperation.
Article 18 also enforces the authorities concerned with fighting money laundering and the related original crimes or financing terrorism exclusively use the information obtained through judicial cooperation in the field of money laundering crimes and related original crimes or the financing of terrorism for the purpose for which they were requested unless this information had not previously obtained legally from the foreign counterpart.
The local authorizes must reveal the foreign parties which cooperate to gain any information and the fallouts of this information.
The bylaw must shed light on those aspects in detail.
Article 18 –repeated, prohibits the requests for mutual legal assistance based on the provisions of confidentiality binding on financial institutions or simply because the crime includes tax matters and that does not conflict with the basic principles of the legal system in the state
Article 18 permits the authorities concerned with fighting money laundering and related original crimes or financing of terrorism to conduct inquiries on behalf of foreign counterparts and exchange as much information as possible from them and are entrusted with the executive regulations detailing this.
The fourth article added a phrase says that “the original crimes” associated with the term money laundering mentioned in Article 18 of the aforementioned Anti-money Laundering Law, in line with what is required by the international standards for fighting money laundering and terrorist financing, and its fifth article omitted the fourth paragraph of Article 12 of the Anti-Money Law Referred money laundering.
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