NBT takes the lead for anti-money laundering
By Silafaga Lalua
Tuvalu National Bank has made a move towards monitoring and/or eliminating money laundering in Tuvalu.
This was done in a three hour anti-money laundering awareness workshop carried out last week, where all stakeholders were invited to take part and be informed of money laundering activities as well as the different roles they should play, in monitoring this.
Siose PTeo, NBT’s general manager told Tuvalu news that the workshop was to create awareness of stakeholders, and their roles under the Proceeds of Crime Act 2004, in monitoring and eliminating money laundering in the country.
Teo said money laundering involves all transactions that involve money acquired illegally.
The Crown Council within the Attorney General’s office Saaga Teafaa presented in the workshop, the law’s role in the quest for money laundering free country, and ways of monitoring its being brought into the country.
Mr Teo stated that there had been a few cases where illegal travelers cheques and counterfeit notes had been attempted to be cashed at the bank.
It was agreed between the NBT, Police department and all other stakeholders to work together to monitor illegal transactions as well as suspicious actions involving money in the country.
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