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Central Bank orders institutions to report large transactions

The Central Bank has issued guidelines directing banks and non-financial institutions to report any large transactions of money to the relevant authorities.

The rules require that any cash transfer above $10,000 or its equivalent in South Sudanese pounds or other foreign currencies should be disclosed to the authorities.

The guideline also instructs banks and other non-financial institutions to check the identification of any client dealing in large cash, the Bank Governor said in a press statement issued by the bank.

He says the move is intended to combat money laundering and prevent illegal activities.

“…the guidelines…are intended to combat money laundering activities and to prevent possible use of cash to engage in illegal activities, tax evasion or the disguise of funds obtained from illegitimate sources,” Dr. Othom Rago stated.

“The guidelines are also aimed at encouraging the use of checks, transfers, and other legitimate payment methods.”

The Central Bank has given banks and non-bank financial organizations 30 days to begin implementing the directives.

“Any violation of the provisions of these guidelines shall be subject to penalties stipulated in the Anti-Money Laundering and Counter-Terrorism Financial Act, 2012…,” he continued.

A person who is convicted of an offence of money laundering shall be liable to a fine not exceeding twice the amount of the market value of the property that was the subject of the offence, or sentenced to a term of imprisonment not exceeding ten years and not less than seven years, according to the Act.