An analysis of the powers of the Financial Intelligence Analysis Unit and the Attorney General following the various amendments to CAP 373 : the Prevention of Money Laundering Act

Abstract

In this research project, the author studies the fundamental amendments that the Supervising Authorities have undergone throughout the years in enhancing their position and powers in combatting the offence of money laundering. The study starts by defining money laundering and explaining the process of what laundering money consists of. This is followed by a description of the Authorities in charge of providing, managing and prosecuting the legal regime concerning money laundering, these being the Financial Intelligence Analysis Unit (FIAU) and the Attorney General. The author then provides a detailed analysis of the amendments enacted throughout the years, with particular importance given to those changes or additions affecting the authorities’ powers. In this part of the study, a continuous attempt has been also made to trace these amendments within their original context which comprise various foreign and local reports. Naturally, the new powers granted to the authorities have left some mark on the system. These effects are outlined in Chapter 3 of this essay, where a picture of the current situation is given in relation to the prosecutions and investigations, which have happened lately. Naturally no system is perfect and recommendations on what should future amendments include is found in the last chapter of the essay, where the author recommends particular ideas which, in theory, should complement the current system.