Amlo names trades at risk of terror links, laundering

The Anti-Money Laundering Office (Amlo) has issued an announcement on nine professions which must be scrutinised as part of efforts to prevent money laundering and terrorist financing. The announcement, which was published in the Royal Gazette on Monday, took effect yesterday.

The professions at risk of involvement in the crimes are the gem and gold trade, and trade in jewellery made of gold or gems, antique trading under the law governing auctions and the antique trade, and currency exchange services operated by both legal entities and individuals.

Other trades are non-bank and nonfinancial companies which provide domestic and overseas money transfer services, casinos and gambling dens, night entertainment venues, arms dealing, labour brokers, and guided tour businesses.

According to the announcement, 10 types of business operators are required by Section 16 of the Anti-Money Laundering Act to examine their customers’ source of the money.

The 10 types of business operators include investment consultants, real estate brokers, electronic payment service providers, and non-bank credit companies.

Meanwhile, Amlo has also issued an announcement defining persons who hold political status so the 10 types of business operators under Section 16 can scrutinise them for any risk of money laundering.

People who hold political status are those who have a high position and an important duty in the legislative, executive and judicial branches, those who are in charge of central government administration, state enterprises, and other state agencies, and people who are members of independent organisations under the constitution.

The announcement also covers their parents, spouses, children and close associates assigned to look after their assets, as well as those who have close business relations.