.svg)
Lawmakers in Rwanda have approved two pieces of legislation that aim to strengthen the country’s anti-money laundering (AML) framework and align it more closely with that of regional partners.
Last week, Rwanda’s Chamber of Deputies approved the Law on the Prevention and Punishment of Money Laundering, Terrorist Financing, and the Financing of the Proliferation of Weapons of Mass Destruction.
This law aims to address deficiencies in the criminal penalties imposed for money laundering and terrorist financing offences.
These include offences related to customer due diligence failures, politically exposed persons (PEPs) and new forms of technology.
At the same time, the Chamber of Deputies approved another piece of legislation that will introduce amendments to the law that governs Rwanda’s Financial Intelligence Centre (FIC).
The amendments aim to align the FIC with the AML and counter-terrorism financing (CTF) standards of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG).
For example, it enables the FIC to exchange AML information more freely with its partners in the bloc.
The ESAAMLG is a regional body that aims to adopt and promote the 40 Recommendations of the Financial Action Task Force (FATF).
In addition to Rwanda, which has been a member since 2014, it has 20 other member states within Africa.
Several other non-African states and international agencies, including the US, the UK, the World Bank and the International Monetary Fund (IMF), also serve as observers.
