FINANCIAL CRIMES

CHAPTER 7:07
FINANCIAL CRIMES

ARRANGEMENT OF SECTIONS

    SECTION

PART I
PRELIMINARY

    1.    Short title

    2.    Interpretation

    2A.    Application of Part VI and VII

PART II
THE FINANCIAL INTELLIGENCE AUTHORITY

    3.    Establishment of Financial Intelligence Authority

    4.    Functions of the Authority

    5.    Powers of the Authority

    6.    Appointment and qualifications of Director General

    7.    Recruitment process of Director General

    8.    Vacation from office of Director General

    9.    Appointment of Deputy Director General and other staff of the Authority

    10.    Disclosure of information

    11.    Immunity of the Authority and officials

    12.    Funds of the Authority

    13.    Annual budget

    14.    Accounts and audit

    15.    Annual or other reports

PART III
REPORTING OBLIGATIONS

    16.    Verification of customers’ identity

    17.    Reliance on intermediaries or third parties

    18.    Insurance companies to identify and verify beneficiaries

    19.    Customer’s failure to produce evidence of identity

    20.    Maintenance of accounts in true name

    21.    Risk-based approach

    22.    Establishment and maintenance of customers’ records

    23.    Reporting suspicious transactions

    24.    Disclosure of suspicious transaction reports and other information

    25.    Protection of identity of persons and information in suspicious transaction reports

    26.    Protection of persons reporting suspicious transactions

    27.    Compliance officer and internal reporting procedures

    28.    Inclusion of originator information

    29.    Monitoring transactions and ongoing due diligence

    30.    Correspondent banking

    31.    Foreign branches, subsidiaries or head office

    32.    Secrecy obligations overridden

    33.    Other reports

    34.    Penalties and sanctions

PART IV
SUPERVISORY AUTHORITIES

    35.    Supervisory duties of the Authority

    36.    Duties of supervisory authorities

    37.    Supervisory authority or external auditor to report suspicious transactions

    38.    Duties of self-regulatory bodies

    39.    Self-regulatory bodies to report suspicious transactions to the Authority

PART V
OFFENCES

    40.    Extra-territorial application

    41.    False or misleading statements

    42.    Money laundering

    43.    Terrorist financing

    44.    Other terrorist financing offences

    45.    General penalty for financial crimes

    46.    Financing of proliferation of weapons of mass destruction

    47.    Dealing in terrorist property

    48.    Confiscation and compensation on conviction

    49.    Confiscation order on conviction

    50.    Effects of confiscation order on conviction

    51.    Pecuniary penalty order on conviction

    52.    Procedure for enforcement of fines

    53.    Confiscation where a person dies or absconds

PART VI
CIVIL FORFEITURE, SEIZURE, DETENTION, FREEZING AND PRESERVATION OF ASSETS

    54.    Civil proceedings

    55.    Seizure and detention of suspicious imports or exports of currency

    56.    Seizure of currency or bearer negotiable instruments

    57.    Detention and release of currency or bearer negotiable instruments seized

    58.    Seizure of terrorist cash

    59.    Power of the Authority to obtain search warrant

    60.    Property tracing, tracking and monitoring orders

    61.    Orders to enforce compliance with obligations under this Act

    62.    Power of the Authority to issue restraining or asset freezing orders

    63.    Monitoring orders

    64.    Monitoring orders not to be disclosed

    65.    Preservation orders

    66.    Notice of preservation order to be given to persons with interest in the property

    67.    Duration of preservation orders

    68.    Seizure of property subject to preservation orders

    69.    Orders in respect of immovable property subject to preservation orders

    70.    Living expenses of a person with interest in property subject to preservation order

    71.    Variation or rescission of preservation order

    72.    Forfeiture of property subject to preservation order

    73.    Leave to serve notice out of time

    74.    Forfeiture orders

    75.    A person with an interest in property subject of forfeiture

    76.    Bona fide purchaser for sufficient consideration

    77.    Forfeiture order by default

    78.    Failure to serve notice of application for forfeiture

    79.    Status of orders pending appeal

    80.    Administrator to take possession of forfeited property

    81.    Disposal of forfeited property

PART VII
CONFISCATION OR FORFEITURE OF ASSETS GENERALLY

    82.    Voidable transfers

    83.    Protection of third parties

    84.    Discharge of confiscation order on appeal and quashing of conviction

    85.    Payment in lieu of a confiscation order

    86.    Rules of determining benefit and assessing value

    87.    Statements relating to benefit from commission of an offence

    88.    Amount recovered under pecuniary penalty order

    89.    Variation of pecuniary penalty order

    90.    Lifting the corporate veil

    91.    Enforcement of pecuniary penalty order

    92.    Discharge of pecuniary penalty order

    93.    Powers to search for and seize tainted property

    94.    Search warrant in relation to tainted property

    95.    Search in emergencies

    96.    Record of property seized

    97.    Return of seized property

    98.    Restitution of restrained property

    99.    Appointment of an…