Anti Money Essay

2493 Words Apr 30th, 2013 10 Pages
Anti-Money Laundering Act 2010

2. Definitions.-In this Ordinance, unless there is anything repugnant in the subject or context,-
(a) “attachment” means prohibition of transfer, conversion, disposition or movement of property by an order issued under section 8; (c) “CTR” means report on currency transactions exceeding such amount as may be specified by the National Executive Committee; (d) “Court” means the Court specified under section 20 (e) “Director General” means the Director General of FMU appointed under section 6; (f) “financial institutions” includes any institution carrying on any or more of the as listed in section 2(f). (g) “fiscal offence” means an offence punishable under the Income Tax Ordinance, 2001 (XLIX of 2001),
…show more content…
3. Offence of money laundering.– A person shall be guilty of offence of money laundering, if the person: (a) acquires, converts, possesses or transfers property, knowing or having reason to believe that such property is proceeds of crime; or
(b) renders assistance to another person for the acquisition, conversion, possession or transfer of, or for concealing or disguising the true

Related Documents