No. 12 i\'lONliY LAUNDERING AND PRoCEEDs oF CRII\1E AtvrEt'IDMENT (b) by the insertion after paragraph (g) of the follovving paragraph-~ "(gl) any person who is engaged in the business of buying and selling motor vehicles, whether new or used;"; (c) by the deletion from paragraph (h) of "transaction" and the substitution of "person or transaction"; (d) by the repeal of the definition of "politically-exposed person" and the substitution of""politically exposed person" means (a) any person who is or has been entrusted in Zimbab-vve with prominent public functions, including but not limited to, a Head of State or of government, a senior government, judicial or military official, a senior executive of a stateowned corporation, or a senior official of a political party; or (b) any person who is or has been entrusted with prominent public functions by a foreign country, including but not limited to, a Head of State or of government, a senior government, judicial or military official, a senior executive of a state-owned corporation, or a senior official of a political patty; or (c) any person who is or has held a position as a member of senior management of an international organisation, including the position of director, deputy directm~ member of the board or equivalent functions; or (d) any close associate, spouse or family member of a person referred to in paragraphs (a) to (c).". 8 Amendment of section 15 of Cap. 9:24 Section 15 ("Customer identification requirements") of the principal Act is amended(a) in subsection (3) by the deletion of "that is the subject matter of a prescribed transaction" ; (b) 9 in subsection (3) by the deletion of "subsection (2) or (3)" and the substitution of "subsection (1) or (2)''; Amendment of section 20 of Cap. 9:24 Section 20 ("High risk customers and IX)Jitica!!y-exposed persons") of the principal Act is amended by the inse1tion after paragraph (c) of the following subsections, the existing provision becoming subsection (1)'"(2) In relation to life insurance policies, financial institutions shall(a) before a pay out of the proceeds of a policy, take reasonable measures to determine whether the beneficiary or, where applicable, the beneficial owner of the beneficiary, is a politically exposed person; and (b) where high risks are identified, the financial institution shall-(i) conduct enhanced scrutiny of the whole business relationship with the policy-holder; (ii) ensure that senior management is informed before pay out; and (iii) consider submitting a suspicious transaction report in terms of section 30. 526 2018