The Transitional National Legislative Assembly (TNLA) on Monday passed the Anti-Money Laundering and Counter-Terrorist Financing Act 2012 (Amendment) Bill 2024.
The Bill is aimed at thwarting hiding criminal profits inside the financial system, as well as preventing the financing of terrorist acts, terrorist organisations and individual terrorists. It also preserves national security, protects fundamental human rights and strengthens the international cooperation regarding the prevention of terrorism.
Presenting the Bill in parliament, the Chairperson of the Committee for National Security, Kom Geng, said it was drafted in line with the Transitional Constitution of South Sudan, 20211 as amended.
“The Bill is consistent with the Transitional Constitution of the Republic of South Sudan, 2011 as amended. The Bill is well-matched with the 2018 Revitalized Agreement,” Geng said.
The Chairperson noted that the Bill was compatible and related with other legislations in the east African region.
He noted that it consists of 10 chapters and 52 sections, with the provisions for the establishment of financial intelligence unit as an independent national body and its administrative aspects under the supervision of the minister for Finance and Planning.
The MP for Yambio County of Western Equatoria State on Sudan People’s Liberation Movement in Opposition (SPLM-IO), Paul Baba, said it was paramount to pass the Bill, considering the level of corruption in the country.
Baba, however, proposed that it was important for the Bill to protect the traders in South Sudan who were unable to transact in international banks and who moved with their money in the pockets.
He said the sanctions imposed on South Sudan, had affected traders and national financial institutions’ ability to transact on the international arena.
“Many of our traders and national banks are not participating in international trade because of the sanctions on South Sudan. They do not have correspondent banks, thus many carry money in their pockets,” Baba said, pointing out that some even risked moving with almost US$10,000.
“The Bill should have provisions that also protect them whenever crossing the borders or international airports with amounts such as US$10,000,” he said.
The SPLM member for Twick County of Warrap State, Goch Makuach Mayol, had warned that delay in the passing the Bill would put the country into serious problem with the international community.
“If we don’t fasttrack the passing of this Bill, the country will be affected and we will not be able to sell our oil and investments would be halted,” he said.