An effective licensing and supervisory regime for money remitters is being developed and is expected to be implemented by June 2010. Moreover, (as indicated by the Minister of National Security), Parliament approved three key money-laundering legislations in October 2009.
Prior to this legislation, the centre-piece of our money-laundering framework for financial institutions was the Bank’s AML/CFT guidelines, which were based on the FATF 40 +9 recommendations, but, which did not have the force of law and carried no sanctions. The Central Bank, however, conducted assessments of compliance with these guidelines, as part of our onsite examinations among banks and insurance companies.