AML/CFT counter measures range from legislation to awareness creation. AML/CFT legislation, for example, criminalises money laundering, defines the offence and penalties and spells out the institutional or other measures put in place to combat financial crimes. AML/CFT supervision relates to compliance with guidelines issued by regulators and other requirements such as ‘know-your-client’ and maintenance of records. The setting up of the FIU in itself is a crucial AML/CFT measure alongside effective investigation and prosecution for offences of money laundering and terrorist financing.
Other AML/CFT measures include assets seizure or forfeiture, training, awareness-creation among the wider public and development of a strong reporting culture to the FIU to protect the financial system from abuses. By and large, AML/CFT frameworks tend to reflect the 40 Recommendations of the Financial Action Task Force.