National Assembly Passes Revised AML Law and Thrift Practice Resolution

Richard Marley

November 16, 2022

The National Assembly (NA) has passed the revised law on Money Laundering Prevention and Control and a resolution promoting implementation of the law and policies on thrift practice as well as wastefulness prevention.

At the plenary session, which was a part of the fourth session of the 15th parliament, 483 of the 488 legislators present voted in favor of the updated Law on Money Laundering Prevention and Control and resolution on practicing thrift and minimizing waste. The law has four chapters and 66 articles and a national campaign on practicing thrift and reducing waste would be started nationwide in 2023.

The law includes practices for preventing, identifying, and dealing with individuals or organizations engaged in money laundering activities. It also specifies the obligations of organizations, agencies, and individuals toward the prevention and control of money laundering, as well as the necessity of international cooperation.

Along with criminal law and legal regulations on prevention and combating terrorism and the proliferation of weapons of mass destruction, the law would also fight against money laundering activity that attempts to finance terrorism or the proliferation of such weapons.

The government would organize a practical and efficient campaign to model thrifty behavior and the prevention of waste in production as well as consumption practices at all levels, across all industries, and among the general public. Along with growing the number of role models for the work, it will also give timely compliments and prizes. Additionally, the resolution outlines certain broad objectives, tasks, and solutions for work.