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Indonesia: Anti-Money Laundering and Terror Funding Rules Tightened

(Oct. 3, 2017) On September 13, 2017, Bank Indonesia, known in Indonesian as Bank Sentral Republik Indonesia, issued a new regulation designed to further limit money laundering and financing of terrorism. (Indonesia Tightens Rules to Curb Money Laundering, Terror Funding, REUTERS (Sept. 13, 2017).)  The regulation applies to non-bank financial service providers, including institutions that […]

Philippines: Amendment to Money Laundering Law to Include Casinos

(Aug. 25, 2017) In July 2017 the Philippine Anti-Money Laundering Act (AMLA) was amended to add casinos to the list of entities that are subject to its provisions, and thus certain gambling transactions must now be reported to government authorities. (Press Release, Duterte Signs Law Expanding AMLA Coverage to Include Casinos (July 19, 2017), Philippine […]

South Africa: Financial Intelligence Centre Act Amended

(May 25, 2017) On April 29, 2017, South African President Jacob Zuma signed into law the Financial Intelligence Centre Amendment Act, 2017, amending the Financial Intelligence Centre Act of 2001, an Act designed to “combat money laundering and the financing of terrorism.”  (Press Release, President Jacob Zuma Signs FICA Bill into Law, South African Government website […]

Macau: ID Card Scan and Facial Recognition Required for Mainland Bank Card Holders Using ATMs

(May 11, 2017) On May 7, 2017, the Government of the Macau Special Administrative Region (SAR) of the People’s Republic of China announced that “know your customer” (KYC) technology will be installed in automated teller machines (ATMs) in the city, in particular those in and near casinos.  Holders of UnionPay cards issued by mainland China […]

Kenya: Anti-Money Laundering Law Amended

(Mar. 24, 2017) On March 3, 2017, the Kenyan President, Uhuru Kenyatta, signed into law the Proceeds of Crime and Anti-Money Laundering (Amendment) Bill.  During the signing ceremony, he reportedly noted that “[t]his is a major tool in our sustained efforts to fight corruption.  It means that no proceeds of theft and corruption are beyond the […]

Indonesia: Asset Recovery Legislation Proposed

(Feb. 22, 2017) Indonesia’s Commission on Eradication of Corruption (Komisi Pemberantasan Korupsi, or KPK) and its Financial Transaction Reports and Analysis Center (Pusat Pelaporan dan Analisi Transaki Keuangan, or PPATK) are advocating that the legislature pass several anti-corruption laws.  (Anti-Graft Agency Pushes for Long-Delayed Asset Recovery Bill, JAKARTA GLOBE (last visited Feb. 16, 2017).)  One of […]

EU: New Rules Proposed to Curb Financing of Terrorism and Organized Crime

(Jan. 11, 2017) On December 21, 2016, the European Commission adopted several measures designed to fight terrorist financing and organized crime.  The measures, designed to create a strong, coordinated response to the issue of terrorist financing, result from the action plan against the financing of terrorism adopted in February 2016.  These proposals would be a […]

Brazil: New Regulations to Curb Tax Evasion and Money Laundering

(Jan. 9, 2017) The Brazilian Internal Revenue Service (Secretaria da Receita Federal do Brazil, RFB) enacted three normative instructions on December 28 and 29, 2016, designed to standardize the sharing of information with other countries and to facilitate the identification of the “final beneficiaries” of companies for the purpose of curbing tax evasion and money […]

Taiwan: Law to Prevent Terrorism Financing Enacted

(Nov. 30, 2016) On July 27, 2016, Taiwan’s Terrorism Financing Prevention Law was published in the official gazette; it took effect on the same day. (Zi kong fangzhi fa [Law on the Prevention and Control of Financing Terrorism] (Terrorism Financing Prevention Law), ZONGTONG FU GONGBAO [GAZETTE OF THE OFFICE OF THE PRESIDENT], No. 7257 (July […]

Ecuador: New Anti-Money Laundering Law

(Sept. 16, 2016) Ecuador’s new Law on the Prevention and Eradication of Money Laundering was adopted by the legislature on July 21, 2016. (Ley Orgánica de Prevención, Detección y Erradicación del Delito de Lavado de Activos y del Financiamiento de Delitos, REGISTRO OFICIAL (RO) (the official gazette) (July 21, 2016).)  The Law extends to nonfinancial businesses […]