New National Commission to Monitor Money Laundering

The National Commission on Information to Combat Money Laundering Resulting from Illegal Transactions such as Trafficking in Human Beings, Drugs, Arms and the Financing of Terrorism will soon be founded. It will replace the information processing unit that used to work under the Head of Government. An organic law for this commission will be enacted after approving the new anti-money laundering law currently being discussed in the Justice and Legislation Committee in the House of Representatives. Furthermore, a national committee will also be established to implement the decisions of the Security Council to combat money laundering and prosecute those who violate the law and have had suspicious transactions abroad.

The national information committee will be responsible for involving the judicial police in investigating suspicious cases. However, lawyers, notaries, and adouls complained that they are restricted by these laws that require them to report when a client may have had a suspicious transaction and is trying to launder money from drug trafficking because it will cause them a lack of trust.

The text of the law contains some flaws, such as giving immunity to the commission in a statement of a suspect and prosecution, without penalty in case a mistake is made or the complaint is wrong and impacts the investment and its reputation, without material or moral compensation. This may force the investor to move his money elsewhere. However, the text of the law needs to be revised so that it is consistent with the penal code with regard to the fight against illicit wealth, financing of terrorism and transcontinental crimes.

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