The 2001 Law on Money Laundering from Illicit Drug Trafficking and other Crimes and Punishable Offenses (AMLL) criminalizes money laundering.
The AMLL regulations were amended in 2008 and require financial institutions to verify the identity of customers who open accounts or conduct transactions that exceed 400,000 Haitian Gourdes (HTG), equivalent to approximately $10, 000.
The AMLL establishes a wide range of financial institutions as obligated entities, including banks, money remitters, exchange houses, casinos, and real estate agents.
The AMLL contains provisions for the seizure and forfeiture of assets; however, the Haitian government cannot seize and declare the assets forfeited until there is a conviction.
The AMLL does prohibit cash transfers of more than 200,000 HTG (approximately $5,000).
The AMLL introduces measures for cooperation on mutual legal assistance and extraditions.
Under the AMLL Serbian financial institutions and obligated reporting entities are required to develop and apply a list of indicators to help them identify suspicious transactions.
Both the AMLL and previous anti-money laundering (AML) legislation require obligated entities to report to the FIU all cash transactions equal to or more than euro 15,000 (approximately $22,500), or the dinar or foreign currency equivalent.
The AMLL introduces a cash declaration system, which came into effect in September 2009.
Regulations to implement requirements set out by the AMLL currently are being developed.
Most designated non-financial businesses and professions (DNFBPs) have not implemented any of the requirements of the AMLL nor the previous AML law, which included them as obligors.
The 1999 Turkish Cypriot AMLL
provided better banking regulations than were previously in force, but as an AML tool it is far from adequate, and without ongoing enforcement, cannot meet its objectives.