The Proceeds of Crime Proceeds of Crime and Anti-money Laundering Act (9/2009) seeks to prevent money laundering, tax evasion, terrorist financing, theft and fraud, among other crimes. It introduces measures to combat these offences and provides for the identification, tracing, freezing, seizure and confiscation of the proceeds of crime. The act establishes the Financial Reporting Centre, whose main objective is to assist in the identification of the proceeds of crime and the combating of money laundering and terrorist financing. For fintech businesses, non-compliance is an offence punishable by imprisonment, fines, both imprisonment and fines, and confiscation and realisation orders. The Proceeds of Crime Proceeds of Crime and Anti-money Laundering Regulations 2013 supplement the act.
The Guidelines on the Prevention of Money Laundering and Terrorism financing in the Capital Markets, issued through Gazette Notice 1421, emphasise due diligence, record keeping, the need to establish policies and procedures to address specific risks associated with the use of new technology and business relations or transactions conducted at a distance, and reporting to the Financial Reporting Centre.
The Bribery Act (47/2016) applies to the public, public officers and private entities. The act makes it an offence to give or receive a bribe. Sanctions include imprisonment, fines, imprisonment and fines, and confiscation orders.