Money Laundering and Proceeds of Crime Act Act No. 4/2013 109 Amendment of Cap. 24:26 (1) The Asset Management Act [Chapter 24:26] is amended— (a) in section 3 (“Meaning of ‘business of asset management’ ”) in subsection (2) by the deletion from paragraph (c) of “less than ten million dollars per year” and the substitution of “annually less than such amount as may be prescribed”; (b) in section 9 (“Disqualification for appointment as officer of asset manager”) in subsection (1)— (i) in paragraph (b) by the deletion from subparagraph (iii) of “or perjury” and the substitution of “, perjury, money-laundering or financing terrorist activities”; (ii) by the insertion after paragraph (b) of the following paragraph— “or (c) has knowingly been involved, whether in Zimbabwe or elsewhere, in money-laundering or financing terrorist activities as defined in the Money Laundering and Proceeds of Crime Act, 2013;”; (c) in section 24 (“Regulations”) by the insertion of the following subsection, the existing section becoming subsection (1)— “(2) Regulations made in terms of subsection (1) may provide for— (a) the qualifications and disqualifications of shareholders, officers, employees and agents of asset managers; (b) information to be supplied to the Registrar concerning— (i) the operations and activities of asset managers; and (ii) the shareholders, officers, employees and agents of asset managers; (c) penalties for contraventions of the regulations: Provided that no such penalty shall exceed a fine of level ten or imprisonment for a period of six months or both such fine and such imprisonment.”. (2) Until the Minister prescribes some other amount in terms of section 24 of the Asset Management Act [Chapter 24:26], an amount of ten thousand United States dollars shall be deemed to be prescribed for the purpose of section 3(2)(c) of the Act. FIRST SCHEDULE (Section 3) FINANCIAL INSTITUTIONS AND COMPETENT SUPERVISORY AUTHORITIES PART I FINANCIAL INSTITUTIONS 1. A banking institution registered or required to be registered under the Banking Act [Chapter 24:20]. 2. A building society registered or required to be registered under the Building Societies Act [Chapter 24:02]. 3. The Reserve Bank of Zimbabwe. 4. The Infrastructure Development Bank of Zimbabwe established by the Infrastructure Development Bank of Zimbabwe Act [Chapter 24:14]. 5. The Minerals Marketing Corporation of Zimbabwe established by section 3 of the Minerals Marketing Corporation of Zimbabwe Act [Chapter 21:04]. - 73 -