Dirty money starts from dirty minds

The new Financial Intelligence Act, which kicked in on September 4, is indeed a comprehensive endeavour to lift the country to international best practice in terms of Anti-Money Laundering/Combatting Financing of Terrorism (AML/CFT).

The new Act replaces its loophole-ridden predecessor, which was demonstrably ineffective as seen in the fact that almost no money laundering cases ever reached the courts or were successfully prosecuted in the years since its enactment in 2009.