The number of service providers suspected of money laundering in their business and instructed to report to the National Tax and Customs Board has increased drastically as at January 10 2020. This is according to the Pmt. 31 (1) of the Act and Section LII of 2017 on the implementation of financial and property restraint measures ordered by the European Union and the United Nations Security Council. They are required to provide a contact for home providers or cryptocurrency traders known as “designated person”, in addition to the head office, providers of virtual and tender and currency exchanges, custodian wallet providers and service providers that are responsible for trading or brokering of work of arts and antiques.
