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and such publication shall be sufficient notice to any financial institution or class of financial
institution to which it is addressed.
(6) No financial institution shall be convicted of a contravention of this Act by virtue of a
directive which was not published in the Gazette unless it is proved that—
(a) the directive was served on the financial institution; or
(b) the financial institution knew or avoided getting to know of the directive:
Provided that, where it is shown that reasonable steps were taken for the purpose of bringing
the contents of the directive to its notice, the onus shall lie on the financial institution concerned to
show that it did not know and did not avoid getting to know of the directive.
(7) Any financial institution aggrieved by a directive issued under subsection (1) may apply
to a judge in chambers, and upon such application the judge may confirm, vary or set aside the
directive and additionally, or alternatively, give such other order in the matter as he or she
considers just.
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Reports of the Unit
(1) The Director shall, as soon as possible after the 30th June and 31st December in each
year, submit to the Minister a report on the activities of the Unit during the period of six months
ending on the 30th June and 31st December, as the case may be.
(2) The Minister shall lay before Parliament the report as received by him or her in terms of
subsection (1) on one of the fourteen days on which Parliament next sits after he or she receives
it.
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Bank Use Promotion and Suppression of Money Laundering Advisory
Committee
(1) For the purpose of advising the Unit on the discharge its functions there shall be an
advisory committee, called the Bank Use Promotion and Suppression of Money Laundering
Advisory Committee (hereafter in this section and the Third Schedule called “the Committee”).
(2) The Committee shall consist of—
(a) the Director, who shall be chairperson of the Committee; and
(b) not less than three or more than nine other persons who shall as far as possible be
equally representative of the interests of consumers of financial services, designated
institutions and the State (including law enforcement agencies), and who shall be chosen
by the Minister, after consultation with the Governor of the Reserve Bank, from persons
whom the Minister considers to represent such interests.
(3) The functions of the Committee shall be, through the Director and the Governor of the
Reserve Bank, to advise the Minister on—
(a) the formulation of a national policy to promote the use by the public of financial
institutions for the purpose of mediating, facilitating and obviating cash transactions;
and
(b) the formulation of a national policy to combat money laundering; and
(c) the steps to be taken to implement such policies; and
(d) the issue of guidelines to designated institutions for the proper performance of their
Select target paragraph3
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