Revised Laws of Saint Lucia (2021)

18.   Assessment of penalty

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    (1)   If a Reporting Saint Lucia Financial Institution becomes liable to a penalty, the Competent Authority shall —

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      (a)     assess the penalty; and

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      (b)     notify the person of the assessment.

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    (2)   An assessment of a penalty shall be made within the period of 12 months beginning with the date on which —

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      (a)     the Reporting Saint Lucia Financial Institution became liable to the penalty; or

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      (b)     the inaccuracy first came to the attention of the Competent Authority.