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Common Law Legal Systems Model Legislative Provisions on Money Laundering, Terrorism Financing, Preventive Measures and Proceeds of Crime

image of Common Law Legal Systems Model Legislative Provisions on Money Laundering, Terrorism Financing, Preventive Measures and Proceeds of Crime

Corruption undermines the rule of law, good governance, and sustainable growth and development. Most countries have prohibited all forms of corruption, yet corruption persists due largely to a lack of appropriate strategies and structures to inhibit it. Such strategies include effective and comprehensive legal frameworks to prevent, punish and take the profit out of corruption.

The Common Law Legal Systems Model Legislative Provisions aims to enable Commonwealth countries to evaluate measures that can be incorporated into domestic law to prevent, detect, and effectively sanction money laundering and terrorism financing and to recover the proceeds of crime.

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Preventive Measures

Part II sets out preventive measures to be applied by financial institutions and designated non-financial businesses and professions (DNFBPs) to combat money laundering and terrorism financing. There is reference in the text to ‘this Act’ as it is envisaged that Part II could be adopted as a separate act or together with other parts of the model legislative provisions. Drafting authorities should review the use of the term in the provisions.

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