guideline on anti-money laundering and the combating of terrorist ...

Guideline on Anti-Money Laundering and the Combating of Terrorist FinancingAPPENDIX VII -Offences and PenaltiesFinancial Obligations RegulationsA financial institution which does not comply with FOR commits an offence and is liable on summary conviction or onconviction on indictment, to the penalty prescribed in section 57 of POCA.Where a company commits an offence under FOR, any officer, director or agent of the company:(i)(ii)who directed, authorized, assented to, or acquiesced in the commission of the offence; orto whom any omission is attributable, is a party to the offence and is liable on summary conviction or onconviction on indictment, to the penalty prescribed in section 57 of the Act whether or not the company hasbeen prosecuted or convicted.Where a partnership commits an offence under FOR and it is proved that the partner acted according to paragraph (i)or (ii), the partner and the partnership are liable on summary conviction or on conviction on indictment, to the penaltyprescribed in section 57 of POCA.Where an unincorporated association, other than a partnership, commits an offence and it is proved that an officer ormember of the governing body acted according to paragraph (i) or (ii) of that officer or member as well as theunincorporated body, commits an offence and is liable on summary conviction or on conviction on indictment, to thepenalty prescribed in section 57 of POCA.Regulation 40 of the FOR also empowers a Supervisory Authority to take whatever regulatory action is available inthe legislation governing financial institutions to ensure compliance with AML/ CTF statutory obligations andrequirements.Proceeds of Crime ActEveryone who knowingly contravenes or fails to comply with the provisions relating to the compliance programme 53 ,is guilty of an offence and liable:(a)on summary conviction, to a fine of five hundred thousand dollars and to imprisonment for a term of twoyears; or53 Refer to POCA section 55Page 73 of 75