ERHC Energy Inc (ERHE)

[RubyMartin]

Sao Tome and Principe: Anti money laundering law comes into force [ 2008-07-02 ]


Sao Tome, Sao Tome and Principe, 2 July – The law against money laundering in Sao Tome and Principe went into force Monday, after being endorsed by the country’s President at the weekend, officials said in Sao Tome Tuesday.

The new law was approved by Parliament in April and had been awaiting ratification by the President.

"The publication of this law will help Sao Tome and Principe to be taken off the list of countries that are vulnerable to this type of crime, including funding terrorism,” the press advisor to the National Assembly, Hilário do Espírito Santo told Portuguese news agency Lusa.

Sao Tome and Principe is one of a list of countries, including Uzbekistan, Pakistan, Iran and Turkmenistan that have been “observed” by the international community due to high levels of transaction risk.

The process of combating Money laundering will involve various government bodies, such as the Justice Ministry, the Criminal Investigation Police, the Migration and Borders Service, Customs, Tax Directorate and the Central Bank of Sao Tome and Principe. (macauhub)