The Anti-Money Laundering and Counter-Terrorist Financing Act, 2012 was enacted to prevent, detect, and combat money laundering and the financing of terrorism. The Act establishes a legal framework to protect the financial system from being used for criminal and terrorist activities.It criminalizes money laundering and terrorist financing, sets penalties for offenders, and provides mechanisms for investigation, prosecution, and asset confiscation. The Act requires financial institutions and designated non-financial businesses to conduct customer due diligence, keep proper records, and report suspicious transactions to the relevant authorities.The law also establishes and empowers competent authorities to oversee compliance, coordinate national efforts, and cooperate with international bodies in combating financial crimes. Overall, the Act aims to promote transparency, financial integrity, national security, and compliance with international anti-money laundering and counter-terrorist financing standards.
