Financial Intelligence Unit is proposing to regulate businesses and professions that are not finance businesses and to enforce Money Laundering and Proceeds of Crimes Act of 2001 in regulations issued for review under the Administrative Procedure Act(APA).Â
Under the existing regulations, finance businesses and professions are regulated but under the expanded regulatory framework, non-finance businesses and professions such as real estate agents, legal representatives, legally approved casino operators, dealers in precious metals, dealers in high value goods such as vehicles, boats, boat engines, electronics, lawyers, accountants, independent legal professionals and notaries among others will be required to report transactions in compliance with Money Laundering and Proceeds of Crime Act.
Financial Transaction Requirements and Reporting for Designated Non-financial Business and Profession (DNFBP) seeks to implement Cash Transaction Report and Suspicious Transaction Reporting in compliance with Money Laundering and Proceeds of Crime Act of 2001.
Under APA requirement, proposed regulations are made available to public for input for a period of 30 days. With no objection or changes, the regulations will come into force upon President’s approval within 20 days.