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Azerbaijan: Law to Counter Terrorism Financing

(Mar. 4, 2009) On February 10, 2009, the Milli Majlis (legislature) of Azerbaijan passed the Law on Countering Money Laundering and Terrorism Financing. The Law was drafted under the supervision of the Council of Europe, whose recommendations were included in the text of the Law. According to the Law, a special government agency tasked with […]

India: Parliament Passes Law Against Money Laundering

(Mar. 3, 2009) India's Parliament passed the Prevention of Money-Laundering (Amendment) Bill, 2008. This bill seeks to check the use of illegal money for financing terror and other anti-state activities, cross-border offenses, and counterfeiting of currency. It also facilitates the entry of India into the Financial Action Task Force (FATF), an inter-governmental body mandated to […]

Luxembourg: Anti-Money Laundering and Terrorism Financing Laws

(Oct. 17, 2008) Luxembourg recently adopted two laws relating to the fight against money laundering and terrorism financing. They amend previous legislation on this subject matter, in particular, the Law of November 12, 2004. The first Law transposes into national law Directive 2005/60/EC of the European Parliament and Council of October 26, 2005, on the […]

Taiwan: Money Laundering Law Amended

(July 2, 2008) According to the U.S. Department of State, “Taiwan's modern financial sector and its role as a hub for international trade make it susceptible to money laundering.” (Volume II: Money Laundering and Financial Crimes, Country Reports, INTERNATIONAL NARCOTICS CONTROL STRATEGY REPORT – 2008, Mar. 2008, On June 11, 2008, an amendment to […]

Brazil: Punishment for Money Laundering Increased

(June 2, 2008) On May 7, 2008, the Brazilian Federal Senate approved a proposal for a law that increases the punishment for the crime of money laundering from ten years to eighteen years of imprisonment and allows the police to have access to the data kept by financial institutions, phone companies, electoral justice systems, and […]

Finland: Draft Anti-Money Laundering and Terrorism Financing Legislation

(May 2, 2008) The Government of Finland has recently drafted new legislation to more effectively combat money laundering and the terrorist activities financed by it, thereby bringing Finnish law more in line with a European Union directive on the subject. The Finnish bill extends a requirement to report suspected money laundering activities – already in […]

Russia: Federal Passport Control System Created

(Jan. 2, 2008) On December 18, 2007, the State Duma (legislature) of the Russian Federation adopted amendments to the Federal Anti-Money Laundering Law that provide for the creation of a national passport control system. To be established before the end of June 2008, this system is designed to review the validity of passports produced by […]

Samoa: New Anti-Money Laundering Laws

(Dec. 2, 2007) Samoa has enacted new anti-money laundering legislation. This includes: Money Laundering Prevention Act 2007, which establishes a Money Laundering Prevention Task Force and a legislative basis for Samoa's Financial Intelligence Unit; increases the amount of money (cash or negotiable instruments) at a border crossing that requires mandatory reporting, now WST20,000 (approximately US$7,490); […]