(1) Subject to subsections (3) and (4) a person commits an offence where he or she enters into or becomes concerned in an arrangement which he or she knows or suspects facilitates the acquisition, control, retention or use of the proceeds of criminal conduct on behalf of another person. (Inserted by Act 20 of 2016)
(2) In this section, references to any person's proceeds of criminal conduct include a reference to any property which in whole or in part directly or indirectly represented in his or her hands his or her proceeds of criminal conduct.
(3) Where a person discloses in good faith to a police officer a suspicion or belief that any funds or investments are derived from or used in connection with criminal conduct, or any matter on which such a suspicion or behalf is based —
(a) the disclosure is not treated as a breach of any restriction upon the disclosure of information imposed by statute or otherwise and does not give rise to any civil liability; and
(b) if he or she does any act in contravention of subsection (1) and the disclosure relates to the arrangement concerned, he or she does not commit an offence under this section if —
(i) the disclosure is made before he or she does the act concerned and the act is done with the consent of a police officer, or
(ii) the disclosure is made after he or she does the act, but is made on his or her initiative and as soon as it is reasonable for him or her to make the disclosure.
(4) In proceedings against a person for an offence under this section, it is a defence to prove —
(a) that he or she did not know or suspect that the arrangement related to any person's proceeds of criminal conduct;
(b) that he or she did not know or suspect that by the arrangement the retention or control by or on behalf of A of any property was facilitated or, as the case may be, that by the arrangement any property was used as mentioned in subsection (1)(b); or
(c) that —
(i) he or she intended to disclose to a police officer such a suspicion, belief or matter as is mentioned in subsection (3) in relation to the arrangement, but
(iii) there is reasonable excuse for his or her failure to make any such disclosure in the manner mentioned in subsection (3)(b).
(5) In the case of a person who was in employment at the time in question, subsections (3) and (4) have effect in relation to disclosures and intended disclosures to the appropriate person in accordance with any procedure established by his or her employer for the making of such disclosures as they have effect in relation to disclosures, and intended disclosures, to a police officer.
(6) A person who contravenes subsection (1) commits an offence and is liable —
(a) on summary conviction to a fine of not less than $0.5 million and not exceeding $5 million or to imprisonment for a term of not less than 5 years and not exceeding 10 years or both; (Amended by Act 16 of 2021)
(b) on conviction on indictment to a fine of not less than $1million and not exceeding $10 million or to imprisonment for a term of not less than 10 years and not exceeding 15 years or both. (Amended by Act 16 of 2021)