ACT
(Acts 8 of 2010, 9 of 2011, 13 of 2013, 20 of 2016, 13 of 2019, 16 of 2021 and 5 of 2023, Statutory Instrument 144/2012)
Act 8 of 2010 .. in force 1 February 2010
Amended by Act 9 of 2011 .. in force 3 May 2011
Amended by S.I. 144/2012 .. in force 12 November 2012
Amended by Act 13 of 2013 .. in force 16 December 2013
Amended by Act 20 of 2016 .. in force 19 December 2016
Amended by Act 13 of 2019 .. in force 8 April 2019
Amended by Act 16 of 2021 .. in force 14 December 2021
Amended by Act 5 of 2023 .. in force 9 March 2023
ARRANGEMENT OF SECTIONS
PART 1
PRELIMINARY
| 1. | Short title |
| 2. | Interpretation |
| 3. | Jurisdiction to try offences under this Act |
PART 2
CONTINUATION, FUNCTIONS AND POWERS OF AUTHORITY
| 4. | Continuation of Authority |
| 5. | Functions of the Authority |
| 6. | Powers of the Authority |
| 6A. | Power to issue directions |
| 6B. | Penalty for failure to comply with direction |
| 7. | Additional functions |
| 7A. | Delegation |
| 7B. | Director of the Authority |
| 8. | Investigation |
| 9. | Revenue of Authority |
| 10. | Expenses of Authority |
| 11. | Financial year |
| 12. | Annual Report |
| 13. | Annual Budget |
| 14. | Accounts and audit |
PART 2A
SUPERVISION OF A LICENSED FINANCIAL INSTITUTION
| 14A. | Interpretation of Part 2A |
| 14B. | Central Bank responsible for supervision of a licensed financial institution |
| 14C. | Inspection of a licensed financial institution by the authority |
| 14D. | Issue of prudential standards |
| 14E. | Powers of the Central Bank |
| 14F. | Suspension of activity |
| 14G. | Suspension or revocation of licence |
| 14H. | Penalty |
| 14I. | Risk assessment of a Licensed Financial Institution |
| 14J. | Customer due diligence measures |
| 14K. | Liability of the Central Bank for actions or omissions |
| 14L. | Liability of a Licensed Financial Institution for disclosure of information |
| 14M. | Non-disclosure |
PART 3
PREVENTION MEASURES
| 15. | Customer identity |
| 16. | Responsibility of financial institution or person engaged in other business activity |
| 16A. | Standard for reasonable suspicion |
| 16B. | Risk assessment |
| 17. | Customer due diligence |
| 18. | Politically exposed persons |
| 19. | Internal reporting procedures |
| 20. | Further precautionary measures |
| 21. | Source of funds declaration |
| 22. | Warrants to search or seize |
PART 4
FREEZING AND FORFEITURE OF PROPERTY
| 23. | Freezing of property |
| 24. | Forfeiture of property and Forfeiture Fund |
| 25. | Third party rights |
| 26. | Application of sections 23 and 24 |
PART 5
OFFENCES AND PENALTIES
| 27. | Rules for establishing actus reus |
| 28. | Proceeds of criminal conduct |
| 29. | Arranging with another to retain the proceeds of criminal conduct |
| 30. | Acquisition, possession or use of proceeds of criminal conduct |
| 31. | Attempts, aiding, abetting, counselling, procuring and conspiracy |
| 32. | Offence committed by a body of persons |
| 33. | Other offences |
| 33A. | Restrictions on conviction for money laundering offence |
| 33B. | Suspension or revocation of licence by order of the court |
PART 6
MISCELLANEOUS
| 34. | Mutual assistance |
| 35. | Secrecy obligations overridden |
| 36. | Liability |
| 37. | Criminal or civil liability for information |
| 38. | Confidentiality |
| 39. | Mandatory injunction |
| 40. | Compensation |
| 40A. | Prosecution of summary offences |
| 41. | Exemption from duties, taxes and levies |
| 42. | Power to amend Schedules |
| 43. | Regulations |
| 44. | Repeal |
| 45. | Savings |
| Schedule 1 | Repealed by Act 20 of 2016 |
| Schedule 2 | |
| Schedule 3 | |
AN ACT to consolidate the law relating to money laundering and for related matters.
Commencement [1 February 2010]