DISTRIBUTED BY VERITAS
VERITAS MAKES EVERY EFFORT TO ENSURE THE PROVISION OF RELIABLE INFORMATION,
BUT CANNOT TAKE LEGAL RESPONSIBILITY FOR INFORMATION SUPPLIED.
CHAPTER 24:24
BANK USE PROMOTION AND SUPPRESSION OF MONEY LAUNDERING ACT
Act 2/2004
ARRANGEMENT OF SECTIONS
PART I
PRELIMINARY
Section
1. Short title and commencement.
2. Interpretation.
PART II
BANK USE PROMOTION AND SUPPRESSION OF MONEY LAUNDERING UNIT
3. Establishment of Bank Use Promotion and Suppression of Money Laundering Unit.
4. Functions of the Unit.
5. Inspectorate of the Unit.
6. Powers of inspectors.
7. Power of Director to issue directives to financial institutions for purposes of this Act.
8. Reports of the Unit
9. Bank Use Promotion and Suppression of Money Laundering Advisory Committee.
PART III
BANK USE PROMOTION
10. Traders, parastatals and moneylenders to open and keep accounts with financial
institutions.
11. Traders and parastatals to bank surplus cash in an account within a certain time.
12. Traders and parastatals to settle certain trade debts otherwise than in cash.
13. Records to be kept by traders and parastatals.
14. Unlawful trading in cash.
15. Maximum cash to be kept by moneylenders.
16. Abolition, freezing and monitoring of charges by financial institutions for deposit,
withdrawal or transfer of cash or other financial services.
17. Financial institutions to offer deposit facilities on reasonable deposit requirement terms.