Cabinet has approved the Financial Intelligence Centre Amendment Bill 2020, for publication and introduction in Parliament.
The objectives of the Bill are to amend the Financial Intelligence Centre Act, No. 46 of 2010 and to re-define the functions of the Centre.
Other objectives are to revise the definition of high-risk persons in accordance with international standards, provide for customer due diligence on wire transfers in accordance with international standards, provide a risk management framework for anti-mone laundering requirements and expand the scope of reporting entities.
President Edgar Lungu chaired the 21st Cabinet Meeting, held virtually, to deliberate on Bills for introduction in Parliament.
Ms. Siliya says the Financial Intelligence Centre Act, No. 46 of 2010 is inadequate in dealing with issues relating to combating money laundering and financing of terrorism or proliferation and needs to be amended.
She says the call for the amendment is to also conform with the Financial Action Task Force on Money Laundering -FATF- recommendations.
This is according to a statement by Chief Government Spokesperson Dora Siliya on the decisions made by Cabinet.
Meanwhile, Cabinet approved the Non-Governmental Organisations -Amendment Bill, 2020 for publication and introduction in Parliament during the current sitting.
Ms. Siliya said the objective of the Bill is to amend the NGO Act, 2009, to revise the functions of the Board and to monitor the risk of abuse of NGOs for serious crimes.
She said the NGO Act, No. 1 of 2009 is inadequate in dealing with issues relating to monitoring the use of non-governmental organisations in money laundering, financing of terrorism or proliferation or any other serious offences.
Cabinet also approved the Extradition (Amendment) 2020 for publication and introduction in Parliament whose objective is to provide for measures for monitoring of requests made to the competent authority which is not provided for in the current law.
Cabinet further approved the Zambia Academy of Sciences Bill, 2020, for publication and introduction in Parliament during the current sitting.
