Timor-Leste

Covers prevention measures, asset, income and interest declarations (Art. 32), corruption offences and special evidence-gathering means. Requires authorities to accept anonymous reports and protect reporters (Arts. 5, 107, 109), covers private-sector corruption and embezzlement (Arts. 88-91) and makes companies liable for listed crimes (Art. 60). Art. 1(2) describes it as the sixth amendment to the Penal Code, and Art. 112 amends the CAC law. Published 26 August 2020 in Série I, N.º 35.

AML/CFT instruction for banks, adopted 28 March 2017 and published in Jornal da República, Série II, N.º 34A on 25 August 2017; effective on publication (Art. 26). Requires a BCTL-approved senior compliance officer (Art. 5), an annual compliance report within four months of year end (Art. 6), customer due diligence (Arts. 9-13), ten-year record retention (Art. 18), immediate suspicious transaction reports (Art. 19) and cash transaction reports for US$10,000 or more, applying from 1 January 2018 (Arts. 20, 22).

Applies to goods and services including banking, financial and credit activities (Art. 3(d)). Requires disclosure of price, default interest and the annual effective rate before credit deals (Art. 18), caps default interest at 2% of the instalment (Art. 18(2)) and allows early repayment (Art. 18(3)). Art. 26 lists administrative sanctions, applied by an unnamed 'competent administrative authority'; Art. 32 tells the Government to create a body to support consumer protection.

Sets out the nature, organisation and functioning of the Unidade de Informação Financeira, an administrative entity created within BCTL (Art. 1). The Executive Director is appointed by the BCTL Governor for four years, renewable once (Arts. 3-4); the decree also covers confidentiality, cooperation with foreign agencies (Arts. 10-12) and the administrative offence procedure (Arts. 13-19). Approved by the Council of Ministers on 3 February 2014, promulgated on 9 June 2014 and in force the day after publication (Art. 20).

General employment statute. Normal working time is 8 hours a day and 44 hours a week (Art. 25); the minimum age for work is 15 (Art. 68); a complaint to the authorities is not valid grounds for dismissal (Art. 45(2)(c)). Art. 98 gives oversight to the Inspeção do Trabalho, with its status and sanctions regime set by separate legislation (Arts. 98, 102).

Core AML/CFT statute. Covers financial reporting entities (Art. 3(1)) and casinos, accountants, auditors, tax advisers and professionals handling financial or real estate operations for clients (Art. 3(2)); sets customer due diligence (Arts. 10-11), five-year record keeping (Art. 15), immediate suspicious transaction reporting (Art. 23), a compliance officer (Art. 12) and administrative fines of US$5,000 to US$500,000 (Art. 31). Creates the UIF within BCTL (Art. 4).

Makes BCTL a public-law entity with administrative and financial autonomy (Art. 2), sets domestic price stability as its main objective (Art. 4) and fixes its capital at US$20 million (Art. 7). Gives BCTL exclusive authority to regulate, license and supervise payment systems (Art. 29) and financial institutions (Art. 31), with administrative sanctions. BCTL succeeds the Banking and Payments Authority (Arts. 80-83). Published in Jornal da República, Série I, N.º 22, 15 June 2011.

Criminalises simple and aggravated fraud (Arts. 266-267), computer fraud (Arts. 268-269), money laundering (Art. 313) and passive and active corruption (Arts. 292-294), according to the article headings. Legal persons answer criminally only for offences the Code or special legislation provides for (Art. 12(2)). Amended several times, including by Law 5/2013 and Law 7/2020.