Feb.02, 2010, 9:17 AM

The Anti-Money Laundering Commission will be reviewing the Money Laundering and Proceed of Crime Amendment Bill with stakeholders starting tomorrow.

Michael Ha'apio from the Anti-Money Laundering Commission says the review is aimed at improving the current anti-money laundering measures to ensure that it conforms to international standards.

Mr Ha'apio says some of the areas they will look into are the definition of cash dealers.

"Under this new Money-laundering and Proceed of Crime Amendment Bill which we look forward to put through Cabinet and Parliament, it will include lawyers and accountants as cash dealers. They are also required to report their dealings, especially when they manage other peoples' money and finance to the Financial Intelligence Unit," said Mr. Ha'apio.

Mr Ha'apio says money laundering can either happen through financial institutions or cash dealers and from outside the country or within. He however says the focus will be on cash dealers and financial institutions in the country.

Mr Ha'apio says money laundering is a worldwide activity and Solomon Islands are not immune against it. He says Solomon Islands therefore need to strengthen its laws to fight money laundering.

Mr. Ha'apio says that money laundering is, put simply, "the process of makeing large amounts of money obtained from serious crimes, such as drug trafficking, look legitimate."