prevention of money laundering Act 2002

Any person who directly or indirectly:

1.     Attempts to indulge.

2.     Assists the person who is actually involved in any process.

3.     Is a party to the activity connected with the proceeds of crime.

As the supply of illegal arms, drug trafficking, and prostitution, which can generate huge amounts of money and projecting or claiming it as untainted property; shall be guilty of the offence of Money Laundering. The Act was formulated for the following objectives:

1.     Prevent money-laundering.

2.     Combat/prevent channelising of money into illegal activities and economic crimes.

3.     Provide for the confiscation of property derived from, or involved/used in, money-laundering.

4.     Provide for matters connected and incidental to the acts of money laundering.

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