The Anti-Money Laundering and Combating of Financing of Terrorism (Amendment) Act, 2019 [No. 3 of 2019]

Being an Act to amend the Anti-Money Laundering and Combating of Financing of Terrorism Act, 2012 and to provide for other related matters.

The Anti-Money Laundering and Combating of Financing of Terrorism (Amendment) Act, 2019 [No. 3 of 2019]Download
The Anti-Money Laundering and Combating of Financing of Terrorism (Amendment) Act, 2019 introduces several amendments to the Anti-Money Laundering and Combating of Financing of Terrorism Act, 2012. Key points include:

Definition of “Foreign Terrorist Fighter”: The Act introduces a new definition for “foreign terrorist fighter” as an individual who travels to a state other than their state of residence or nationality for terrorist-related activities.

Frequency of Reporting: Section 4 of the Act is amended to change the reporting frequency from “once a month” to “once every quarter.”

Expansion of Offenses: Section 16 is amended to include additional offenses related to financing or providing support to terrorists, terrorist groups, terrorist organizations, or foreign terrorist fighters.

Amendments to Various Sections: Sections 52, 53, 68, 75, and 76 of the Anti-Money Laundering and Combating of Financing of Terrorism Act, 2012 are amended to update references, change reporting periods, and introduce new offenses.

Introduction of Currency Declaration: Part VIII of the Act is amended to include provisions for currency declaration, requiring individuals entering or leaving Sierra Leone with more than Ten Thousand United States Dollars to declare the amount.

These amendments aim to enhance the effectiveness of anti-money laundering and counter-terrorism efforts by updating definitions, reporting requirements, and penalties.

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