By AARON CHIYANZO
CABINET has approved the Financial Intelligence Centre amendment Bill 2020 for publication and introduction in Parliament.
The objectives of the Bill are to amend the FIC Act number 46 of 2010 so as to redefine the functions of the Centre.
Other objectives are to revise the definition of high risk persons in accordance with international standards, to provide for customer due diligence on wire transfers in accordance with international standards, to provide a risk management framework for anti-money laundering requirements and expand the scope of reporting entities.
This is according to a statement issued by chief Government spokesperson, Dora Siliya on the decisions made by Cabinet during its 21st meeting held virtually yesterday.
Ms Siliya said the FIC Act number 46 of 2010 was inadequate in dealing with issues relating to combating money laundering and financing of terrorism or proliferation and therefore needed to be amended.
She said the call for the amendments was also to conform with the Financial Action Task Force on money laundering recommendations.
Ms Siliya said Cabinet also deliberated on consequential Bills to the FIC Amendment Bill 2020 in relation to combating of money laundering.
And Cabinet also approved the revising of the Non-Government Act and the introduction of the bill in parliament during the current sitting.
Ms Siliya explained that objective of the Bill was to amend the Non-Governmental Organizations Act of 2009 to revise the functions of the board to monitor the risk of abuse of NGOs for serious crimes.
She said the NGOs Act of 2009 was inadequate in dealing with issues relating to the use of NGOs in money laundering, financing of terrorism or any other serious offences.
Other Bills approved for publication and introduction to Parliament were the Lands Perpetual Successions Amendment Bill 2020, the Mutual Legal Assistant in Criminal Matters Amendment Bill 2020, the Companies Amendment Bill 2020 and the Extradition Amendment Bill 2020.
By AARON CHIYANZO