Enhanced due diligence introduced; new inter ministerial coordination established to implement FATF standards across reporting entities. The Bill amends the Prevention of Money Laundering Act to add section 12AA establishing enhanced due diligence obligations, updates cross references in sections 12A and 15, revises certain definitions in section 2 to address supervisory difficulties, inserts section 72A to create an Inter Ministerial Coordination Committee for implementing Financial Action Task Force standards, and expands rule making powers under section 73 to support these measures.
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Enhanced due diligence introduced; new inter ministerial coordination established to implement FATF standards across reporting entities.
The Bill amends the Prevention of Money Laundering Act to add section 12AA establishing enhanced due diligence obligations, updates cross references in sections 12A and 15, revises certain definitions in section 2 to address supervisory difficulties, inserts section 72A to create an Inter Ministerial Coordination Committee for implementing Financial Action Task Force standards, and expands rule making powers under section 73 to support these measures.
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