Frequently Asked Questions

Money Laundering

Law No. (4) of Year 2010 on Combating Money Laundering and Terrorism Financing, defines Money Laundering as:

1) The conversion or transfer of funds, by any person who knows, should have known or suspects that such funds are the proceeds of crime, for the purpose of concealing or disguising the illicit origin of such funds or of assisting any person who is involved in the commission of the predicate offence to evade the legal consequences of his actions.

2) The concealment or disguise of the true nature, source, location, disposition, movement or ownership of or rights with respect to funds by any person who knows, should have known or suspects that such funds are the proceeds of crime.

3) The possession, acquisition, or use of funds by any person who knows, should have known or suspects that such funds are the proceeds of crime.

Terrorism Financing

Law No. (4) of Year 2010 on Combating Money Laundering and Terrorism Financing, defines Terrorism Financing as:

An act committed by any person who, in any manner, directly or indirectly, and willingly, provides or collects funds, or attempts to do so, with the intention to use them or knowing that these funds will be used in whole or in part for the execution of a terrorist act, or by a terrorist or terrorist organization.