2015
BANKING Alv!ENDMENT
No.12
any director, shareholder or principal officer of a banking
institution (whether on his or her own behalf or on behalf
of any of his or her close relatives or associates) who(i) receives any credit from the banking institution
of which he or she is the director, shareholder
or principal officer \Vhile knowing or not having
a reasonable belief that the conditions for the
extension of that credit in terms of subsection (3)
have or have not been fully complied with (as the
case maybe); or
(ii) fails, within the stipulated period, to repay fully
together with interest (at the concerned banking
institution's prevailing lending rate) any credit
under a contract or anangement voided by the
Registrar under subsection (6);
shall be liable for a civil penalty of fifty United States
dollars (or the maximum monetary figure specified from
time to time for level four, whichever is the lesser amount)
for each dav the institution, director, shareholder or
principal officer (as the case may be) remains in default,
not exceeding a period of one hundred and eighty-one
clays; and
(c) if the institution, director, shareholder or principal officer
(as the case may be) continues to be in default after the
period specified in paragraph (a), be guilty of an offence
and liable on conviction(i) in the case of a banking institutionA. to a fine not exceeding level ten; and
B. to a fine not exceeding level seven or to
imprisonment for a period not exceeding
one year or to both such fine and such
imprisonment in the case of every director or
member of the board or goveming body of
the institution;
(ii) in the case of a director, shareholder or principal
officer, to a fine not exceeding level ten or to
imprisonment for a period not exceeding one year
or to both such fine and such imprisonment.
(8) In addition, and independently of the institution of any
criminal or civil penalty proceedings under subsection (7), any property
of any description obtained by means of an extension of credit made
in contravention of subsection (2), (3) or (4), shall be deemed to be
"tainted property" resulting from the conunission of a "serious offence"
for the purposes of section SO ("Civil forfeiture orders") of the Money
Laundering and Proceeds of Crime Act [Chapter 9:24] (No. 4of2013),
and may be recovered at the instance of the Reserve Bank in proceedings
instituted by it in ten11S of that section, as if the "Reserve Bank" were
substituted for the "Attomey-General" or "Prosecutor-General" in that
section.
(b)
(9) The income and any proceeds from the realisation of
prope1iy in respect of which a comt has granted a civil forfeiture order
in terms of subsection (8) shall be applied in the following sequence-(a) meeting the costs incurred by the Reserve Bank in
obtaining the civil forfeiture order and the costs of any
other proceedings instituted to establish a claim to the
propetty or an interest in the property; and
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