Government has established the Compliance Unit of the Anti-Money Laundering Authority, and it will be officially launched on Wednesday, November 16.
The department, which falls under the Office of Attorney General, has responsibility for the supervision of designated non-financial businesses and professionals (DNFBP).
These include accountants, attorneys-at-law, dealers in precious metals and stones, and real estate agents, as outlined in the Second Schedule of the Money Laundering and Financing of Terrorism (Prevention and Control) Act.
The functions of the Unit include administering the relevant Acts, together with the registration of DNFBPs, as well as supervising and regulating anti-money laundering, combating the financing of terrorism, and countering the proliferation of financing operations of DNFBPs.
In addition, the Unit establishes standards for strengthening the control and management of money laundering and terrorism financing risk in DNFBPs, and issues guidelines for establishing codes of conduct and modernising the sector.
Its services include conducting risk assessments and on-site examinations; performing trend analysis; producing publications such as guidance notes and pocket guides; as well as organising outreach and training sessions.
Immediately after the official launch on Wednesday, the staff of the Unit will host an outreach session for attorneys-at-law, which will include a question and answer segment.