(1) Unless otherwise directed by the Financial Intelligence Authority or the Commissioner of Police, a financial institution or a person engaged in other business activity that has been served with a freezing order, in respect of a specified entity, shall immediately terminate a business or professional relationship with that specified entity or refrain from providing services to that specified entity.
(2) A financial institution or a person engaged in other business activity that contravenes subsection (1) commits an offence and is liable on conviction on indictment to a fine not exceeding one million dollars.
(3) A director, manager or an employee of a financial institution or a person engaged in other business activity who contravenes subsection (1) is liable on conviction on indictment to a fine not exceeding $2,000,000 or to imprisonment for a term which may extend to life. (Substituted by Act 8 of 2023)
(Inserted by Act 28 of 2019)