Rwanda passes Money Laundering Law
It happened so that there was no law on anti money laundering and terrorism financing in Burundi and Rwanda. However, the law was long awaited.
At last, anti-money laundering and counter-terrorist financing law has been passed by both the Lower and Upper Chambers of Parliament in Rwanda. It will come into effect and become law soon if assented by the President.
This was caused by financial experts who have expressed fears that financial stability and economic prosperity can be threatened money laundering and terrorist financing.
As the law is going to be implemented, a Financial Intelligence Unit (FIU) is also to be formed in order to deal with receiving, keeping, processing, analyzing and disseminating information regarding suspicious financial transactions.
Governor Central Bank, Francois Kanimba, said that anti-money laundering and counter-terrorist financing face serious challenges in Rwanda. These challenges include the advanced science and technology, rapid economic development, and financial business innovation.