Examples of Anti-Money Laundering Laws
Argentina:
Law: Law No. 25.246 on Money Laundering
Penalties: Non-compliance can result in imprisonment from 3 to 10 years and fines from 1 to 10 times the amount of the transaction.
Australia:
Law: Anti-Money Laundering and Counter-Terrorism Financing Act 2006
Penalties: Non-compliance can lead to civil penalties of up to AUD $21 million for corporations and criminal penalties including imprisonment for up to 10 years and/or a fine of AUD $420,000 for individuals.
Brazil:
Law: Law No. 9,613/98 (Anti-Money Laundering Law)
Penalties: Non-compliance can lead to imprisonment from 3 to 10 years and a fine, the value of which is determined by the judge based on the crime’s severity and the accused’s economic situation.
Canada:
Law: Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA)
Penalties: Non-compliance can lead to fines up to CAD $500,000 and/or imprisonment for up to five years for individuals, and fines up to CAD $2 million for entities.
China:
Law: Anti-Money Laundering Law of the People’s Republic of China
Penalties: Non-compliance can lead to fines from CNY 200,000 up to CNY 5 million depending on the severity, and in severe cases, imprisonment can also be a consequence.
France:
Law: Monetary and Financial Code (Code monétaire et financier)
Penalties: Non-compliance can result in fines up to €5 million for individuals or up to half the amount of the funds subject to the laundering operation, and up to €100 million or up to twice the amount of the funds subject to the laundering operation for corporations.
Germany:
Law: Money Laundering Act (Geldwäschegesetz, GwG)
Penalties: Non-compliance can lead to fines up to €5 million for individuals, or up to €10 million or 10% of the total annual turnover for entities. In severe cases, the fine can go up to twice the economic benefit of the breach.
India:
Law: Prevention of Money Laundering Act, 2002
Penalties: Non-compliance can lead to fines with no upper limit and imprisonment from three to seven years.
Italy:
Law: Legislative Decree No. 231/2007
Penalties: Non-compliance can result in fines from €2,582.28 to €15,493.70 and imprisonment from six months up to four years.
Japan:
Law: Act on Prevention of Transfer of Criminal Proceeds
Penalties: Non-compliance can result in fines up to JPY 3 million for individuals and up to JPY 30 million for corporations, or imprisonment for up to 3 years.
Mexico:
Law: Federal Law for the Prevention and Identification of Operations with Resources from Illicit Origin
Penalties: Non-compliance can result in fines from $200 to $400,000 and imprisonment from 5 up to 15 years.
The Netherlands:
Law: The Money Laundering and Terrorist Financing (Prevention) Act (Wwft)
Penalties: Non-compliance can result in fines up to €5 million for individuals or 10% of the annual turnover for corporations, and in severe cases, imprisonment can also be a consequence.
Russia:
Law: Federal Law No. 115-FZ (On Combating Money Laundering and Terrorism Financing)
Penalties: Non-compliance can lead to fines from RUB 1,000 to RUB 1 million or imprisonment for up to seven years, depending on the severity of the offense.
Singapore:
Law: Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA), Terrorism (Suppression of Financing) Act (TSOFA)
Penalties: Non-compliance can lead to a fine up to SGD $1 million and/or imprisonment for up to 10 years.
Spain:
Law: Law 10/2010, of April 28, on the prevention of money laundering and financing of terrorism
Penalties: Non-compliance can result in fines up to €5 million for individuals and up to €50 million or 10% of the total annual turnover for entities.
South Africa:
Law: Financial Intelligence Centre Act (FICA)
Penalties: Non-compliance can result in imprisonment for up to 15 years and/or a fine up to ZAR 100 million.
South Korea:
Law: Act on Reporting and Use of Certain Financial Transaction Information
Penalties: Non-compliance can result in fines up to KRW 100 million or imprisonment for up to 5 years.
Switzerland:
Law: Anti-Money Laundering Act (AMLA)
Penalties: Non-compliance can result in fines up to CHF 500,000 for negligent money laundering and up to CHF 1 million or up to three years’ imprisonment for severe violations.
United Arab Emirates:
Law: Federal Decree-Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations
Penalties: Non-compliance can lead to imprisonment and fines ranging from AED 50,000 to AED 5 million.
United Kingdom:
Law: The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, Proceeds of Crime Act 2002
Penalties: Non-compliance can result in unlimited fines and/or imprisonment for up to 14 years.
United States:
Law: The Bank Secrecy Act (BSA), USA PATRIOT Act
Penalties: Non-compliance with the BSA can result in both civil and criminal penalties. Civil penalties can reach up to $500,000 per violation, while criminal penalties can lead to fines up to $1 million and/or imprisonment for up to 10 years.