National Parliament of Timor-Leste - Draft Bill of First Amendment to Law 17-2011 - On Against Money Laundering (AML) and Combatting Terrorist Financing (CTF)

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It is a concern of the Democratic Republic of Timor-Leste to create all the normative instruments capable of ensuring on-going surveillance by the regulatory authorities, banks, financial centers and other vulnerable institutions to prevent money laundering and terrorist financing from jeopardizing the stability and integrity of the financial system or the trustworthiness of Timorese institutions. It is in this context that the National Parliament of Timor-Leste approves the First Amendment to Law 17-2011 and the Third Amendment to the Criminal Code.

The First Amendment changes the wording to various articles of Law 17/2011, and covers the following topics:

1. Competences
2. Identification of Customers By Financial and Non-Financial Entities
3. Special Control of Certain Transactions
4. Duty to Report
5. Suspension of Transactions
6. Interceptions and Records
7. Liability of Legal Persons
8. Exemption of Liability
9. Undercover Agents
10. Seizures
11. Breach of Professional Secrecy

The Third Amendment specifies the penalties for terrorist financing and money laundering, revokes various provisions of Decree-Law 19/2009, and covers the following topics:

1. Aggravating Circumstances of Terrorist Financing
2. Aggravating Circumstances in the Crime of Money Laundering
3. Attenuating Circumstances in the Crime of Money Laundering

Document Details

Document Type: 
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Year of Document: 
2011
Document Authors: 
National Parliament of Timor-Leste
Language (This Document): 
English

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