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Anti Money laundering

Yemen - Wednesday, November 7, 2007

The Yemeni Council of Ministers then approved on November 7, 2007 a new draft law for combating money laundering and financing of terrorism that was prepared by the Ministry of Finance and the Committee for Combating Money Laundering. The Council also approved submitting the draft law to the parliament for discussion and adopting the necessary constitutional procedures to promulgate it. The new draft law aims at mending the deficiency in the money laundering law No. 35/2003, which lacks any articles concerning the regulatory provisions of disclosure. The new law builds on similar Arab legislations, on the guiding model Arab law for combating money laundering and on the Arab Agreement for Combating Terrorism approved by the councils of Arab ministers of interior and the council of Arab ministers of justice.


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