No.l2
iV1oNEY LAIJ"NTIERING AND PI<OCEEDS OF CRIME AtvlEND:-.!EXl'
( 11) If a financial institution receives a \Vire transfer that docs not
contain the complete originatorinfom1ation required under that sn bsection,
it shall take measures to obtain and verify the missing information from
the ordering institution or the beneficiary.
( 12) A financial institution which provides money or value transfer
services shaH comply with all the relevant requirements of this section in
every country where such financial im:titution operates, whether directly
or through agents.
( 13) A financial institution which provides money orvalue transfer
services and vvhich controls both the ordering and the beneficiary side of
a wire transfer, shall-
14
(a)
take into account all the information from both the ordering
and beneficiary sides in order to determine whether a
suspicious transaction report has to be filed; and
(b)
file a suspicious transaction report in any country affected by
the suspicious wire transfer, and make relevant transaction
infonnation available to the Financial Intelligence Unit.".
Repeal of sections 29, 35 and 36 of Cap. 9:24
Sections 29, 35 and 36 of the principal Act are repealed.
15
Amendment of section 39 of Cap. 9:24
Section 39 of the Principal Act ("Interpretation in Chapter IV''), is amended by
the insertion of the following subsection after subsection (3 )"(4) Where any pmpe1ty that would have been liable to seizure or confiscation
cannot be located or identifi<:d or, for whatever reason, it is not practical or convenient
to seize or confiscate the property, a competent court may order the seizure or
confiscation of property equivalent in value from the defendant, whether or not such
propetty is tainted prope1ty or represents proceeds of crime.".
16
Amendment of section 78 of Cap. 9:24
Section 78 or the Principal Act (Interpretation in Part I of Chapter V") is amended
by the insertion of the following subsection after subsection ( 1) -"(2) Where any prope1ty that would have been liable to seizure or confiscation
cannot be located or identitled or, for whatever reason, it is not practical or convenient
to seize or confiscate the propetty, a competent court may order the seizure or
confiscation of property equivalent in value from the defendant, whether or not such
property is tainted property or represents proceeds of crime.".
17
New section inserted in Cap. 7:20
The National Prosecuting Authority Act [Chapter 7:20] is amended by the insertion
of the following section after section 27-
"27A
Establishment of Asset Forfeiture Unit of the NPA
(1) There is hereby established an Asset Forfeiture Unit (the
"AFU") within the National Prosecuting Authority whose functions shall
be(a) to give assistance to prosecutors in making, and co-ordinate
the making of, and oversee the discharge of, applications
for(i) interdicts under Part II of Chapter IV of the Money
Launde1ing and Proceeds ofC1imeAct [Chapter 9:24]
(hereinafter referred to as the "Money Launde1ing
Act"); and
530
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