The Anti-Money Laundering Act

The Anti-Money Laundering Act is a law that aims to prevent illegal money from being hidden and used openly. It requires banks and financial institutions to monitor, detect, and report suspicious activities that could involve money earned from crimes like drug trafficking, fraud, or corruption. The law helps authorities trace illegal funds, making it harder for criminals to profit from their actions and ensuring the financial system remains transparent and secure. Overall, it promotes integrity and accountability in financial transactions.