Treasury announces new regulations against money laundering

Treasury announces new regulations against money laundering

The Treasury's introduction of new regulations to combat money laundering is a positive step and shows signs of commitment by the government to tackle the problem.

The regulations have a variety of precautionary measures, such as hiring special officers at various financial and non-financial institutions to report suspected money laundering activities.

We hope the government will walk the talk on this matter, because cross-border financial crime is a threat to global economies.

Although we now enjoy the fruits of a more interconnected and seamless global financial system, criminal networks are increasingly in the shadows seeking to expolite any loopholes to transfer illegal cash across borders.

The underworld of money laundering is characterized by endless collusion to evade taxation and fund corruption and terrorism networks as well as drug traffickers.

The interconnected nature of the world today means nobody is safe from the risks posed by these money laundering networks.

It's not lost on us that money laundering scams have collapsed corporations and financial institutions, or fanned conflict through terrorism.

The crooks act in a brazen manner and utilize any lapses, even in jurisdictions with advanced anti-money laundering laws.

The Treasury and other state agencies should be reminded that it takes more than just laws to win the fight against money laundering. To succeed in the battle against money laundering, it is crucial to adhere to strict rules on financial transactions and asset management.