THE Swazi government has announced tough new laws to crackdown on money-laundering. The new Money-Laundering Act will be discussed at an international conference on the subject to open at the Royal Swazi Convention Centre in Mbabane on Monday. The new law aims to net businesses, banks or individuals that are engaged in money-laundering or are allowing themselves to be used by money-launderers. It covers possessing, disposing of, managing or concealing or otherwise knowingly dealing in property, money, investments or holding inside or outside Swaziland that are the proceeds of crime. Swazi banks and other organisations will be compelled by the law to prevent themselves being used by money-launderers. There will be tough penalties for offenders including huge fines, jail terms and asset confiscation. – Sapa