All provisions · AML/CFT Act (Cap. 251) · Part Xii: Miscellaneous provisions
100 Repeal and savings
(1) The Anti-Money Laundering Act is repealed.
(2) Notwithstanding the repeal of the Anti-Money Laundering Act, any appointments of personnel, regulations, determinations, authorisations and guidelines made under that Act shall continue to operate until they are amended, repealed or re-issued under the provisions of this Act.
(3) Any actions taken under the provisions of the Anti-Money Laundering Act or the regulations made thereunder, or determinations and authorisations made thereunder and the guidelines issued in connection with money laundering and terrorist financing activities shall be continued under the provisions of the repealed
Act or the regulations, determinations or authorisations made thereunder and shall be dealt with in accordance with the provisions made under them.
(4) Notwithstanding any other provision of this Act, every reporting entity shall comply with the following provisions of Part VI of this Act by 31st January 2021—
(a) section 31 (Obligation to register with FIU);
(b) section 32 (Obligation to identify and assess money laundering and terrorist financing risks);
(c) section 33 (Obligations to establish and maintain internal control systems and procedures);
(d) section 34 (Obligation to appoint compliance officer), save for subsection (1), which shall be effective from the coming into force of this Act.
(2) Notwithstanding the repeal of the Anti-Money Laundering Act, any appointments of personnel, regulations, determinations, authorisations and guidelines made under that Act shall continue to operate until they are amended, repealed or re-issued under the provisions of this Act.
(3) Any actions taken under the provisions of the Anti-Money Laundering Act or the regulations made thereunder, or determinations and authorisations made thereunder and the guidelines issued in connection with money laundering and terrorist financing activities shall be continued under the provisions of the repealed
Act or the regulations, determinations or authorisations made thereunder and shall be dealt with in accordance with the provisions made under them.
(4) Notwithstanding any other provision of this Act, every reporting entity shall comply with the following provisions of Part VI of this Act by 31st January 2021—
(a) section 31 (Obligation to register with FIU);
(b) section 32 (Obligation to identify and assess money laundering and terrorist financing risks);
(c) section 33 (Obligations to establish and maintain internal control systems and procedures);
(d) section 34 (Obligation to appoint compliance officer), save for subsection (1), which shall be effective from the coming into force of this Act.
Official source: Anti-Money Laundering and Countering the Financing of Terrorism Act (Cap. 251), Act 5 of 2020, Revised Edition as at 17 January 2025 (Acts 5 of 2020, 7 of 2021, 8 of 2021, 62 of 2021, 9 of 2022, 12 of 2024, S.I. 145 of 2020)
