ST.JOHN'S Antigua, April 4th, 2012 -- The Director of the ONDCP, as the Supervisory Authority under the Money Laundering (Prevention) Act, wishes to announce that the Money Laundering & Financing of Terrorism Guidelines have been updated.
The updateis made to theAppendices, and introduces typology guidance to financial institutions on recognizing activities of Non-Profit Organizations, Friendly Societies, Investment-Related Transactions and in relation to Company Formation and Management, whichmay be suspicious or indicative of possible money laundering or terrorism financing.
In the area of Non-Profit Organizationsparticularly, the Supervisory Authority is developing the means for financial institutions to better orient themselves to subtlered flags andpotential vulnerabilities that may be exploited for conducting transactions with money derived from or intended for use in acts of terror.
As usual, the new guidance should be read together with Parts I and II of the guidelines to get an adequate appreciation of the general standard that is required to be attained by a financial institution’s AML/CFT system.
These Guidelines are available at the website of the ONDCP at www.ondcp.gov.ag
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