No.l2 J\'lONEY lAUNDERING AND PROCEEDS OF CRIME AMENDMENT existing products, every financial institution and every designated nonfinancial business or profession, shall assess and document the money laundering and tenorist financing risk posed by such product, service, business practice or technology, and put in place adequate measures to mitigate the risk. (5) The Director General may issue directives or guidelines to further clarify or elaborate on the obligations of financial institutions and designated uon-tinancial businesses and professions in terms of this section. (6) Any financial institution or designated non-financial business or profession which fails to comply with the provisions of this section, including the requirements of any directive or guidelines issued thereunder by the Director Geneml, shall be guilty of an offence and liable to a iine not exceeding level fourteen or imprisonment for a period not exceeding two years or to both such fine and imprisonment. 12C Establishment of National Anti-Money Laundering Advisory Committee (1) There is hereby established a nationalconunittee to be known as the National Anti-Money Laundering Advisory Committee, whose function shall be to advise the ivfinister on policies to combat money laundering and terrorist financing and performing any other function conferred or imposed on it by this or any other enactment. (2) The Advisory Committee shall consist of(a) the Director-General; (b) not less than three and not more than seven members appointed by the Minister from among heads of competent authmities (including a head of a relevant depmiment or unit of the competent authority) as defined in section 2(1); (c) not less than three and not more than seven other persons appointed by the Minister for their qualifications or experience in financial analysis, law, accounting, forensic auditing, law enforcement or any other field which, in the Minister's opinion, is relevant to the Advisory Committee. (3) Members of the Advisory Com1nittee shall be appointed on such tenns and conditions and for such period, not exceeding three years, as the Minister may fix. (4) A person who ceases to be a member shall be eligible for reappointment for only one more tenn. (5) The Minister shall appoint the Chairperson and ViceChairperson from amongst the members of the Advisory Committee. (6) The Advis01y Committee shall meet as often as necessary, but at least once eve1y quarter. (7) The procedure to be adopted at the meetings of the Advisory Committee shall be as detemuned by the Committee. 120 Establishment of National Taskforce on Anti-Money Laundering and combating of Financing of Terrorism (1) Th,~re is hereby established a national task force, to be known as the National Task Force on /\uti-Money Laundeling and Combating 521 2018