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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
Guideline on Anti-Money Laundering and the Combating of Terrorist Financing(b)on conviction on indictment, to a fine of three million dollars and to imprisonment for a term of seven years.Where a company commits an offence under POCA any officer, director or agent of the companywho directed, authorised, assented to, acquiesced in or participated in the commission of the offence is a party to,and guilty of, the offence and liable on conviction to the punishment provided for the offence, whether or not thecompany has been prosecuted or convicted.Anti-Terrorism ActFailure of any person who has any information which will assist in:(a) preventing the commission by another person, of a terrorist act; or(b)securing the arrest or prosecution of another person for an offence under ATA Act, or an offence under anyother law and which also constitutes a terrorist act, to disclose the information to a police officer not belowthe rank of sergeant or the Central Authority as defined in the Mutual Assistance in Criminal matters Actcommits an offence and is liable on conviction on indictment to a fine of ten thousand dollars and toimprisonment for two years 54 .Pursuant to section 33(1) any person who fails to disclose to the FIU:(a)the existence of any property in his possession or control, which to his knowledge is terrorist property, orwhich there are reasonable grounds to believe is terrorist property;(b) any information regarding a transaction or proposed transaction in respect of terrorist property; or(c) any information regarding a transaction or proposed transaction which there are reasonable grounds tobelieve may involve terrorist property,commits an offence and shall on conviction on indictment be liable to imprisonment for five yearsA financial institution which fails to report, every three months, to the FIU:(a) if it is not in possession or control of terrorist property, that it is not in possession or control of such property;or(b) if it is in possession or control of terrorist property, that it is in possession or control of such property, andthe particulars relating to the persons, accounts and transactions involved and the total value of theproperty,commits an offence and shall on conviction on indictment be liable to imprisonment for five years.In addition to the above requirements, any financial institution which fails to report, to the FIU every transaction whichoccurs within the course of its activities, in respect of which there are reasonable grounds to suspect that the54 ATA section 32(1)Page 74 of 75
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