Act 2008
Money Laundering and Terrorism (Prevention) Act, Chapter 104 (consolidated version as amended December 2023)
Issued by Financial Intelligence Unit
Plain-English summary
Main AML/CFT/CPF statute. It sets customer identification and due diligence (s. 15), record keeping (s. 16), suspicious transaction reporting (s. 17), compliance programme and officer duties (ss. 18 and 18A), the role of supervisory authorities (s. 21) and sanctions and pecuniary penalties (ss. 22 and 22A). The FIU's DNFBP Regulations cite it as the Money Laundering and Terrorism (Prevention) Act, No. 18 of 2008. The consolidated text is described by its host as an unofficial consolidation; the FIU lists amending Acts of 2013, 2014, 2021 and 2023, and the FSC lists a 2026 amendment.
Who it applies to
All industries
Topics
AML / CFT / Sanctions
Obligations arising from this law or regulation
| Obligation | Timing | Regulator | Source | Detail |
|---|---|---|---|---|
| Customer due diligence (KYC/CDD) | At onboarding + ongoing | FIU | official | |
Section 15 requires reporting entities to establish and verify customer identity. Under s. 15(2), due diligence applies when a business relationship is established and to transactions without a relationship of BZ$30,000 or more (s. 15(2)(b)(i)); the threshold for casinos and licensed gaming premises is BZ$6,000 (s. 15(2)(e)). Section 15(3)(c) requires identification of the beneficial owner, defined in s. 2(1) with a 25% shares or voting-rights test for bodies corporate. The host describes the consolidation as unofficial. |
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| No obligations match these filters. | ||||
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