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

Guideline on Anti-Money Laundering and the Combating of Terrorist Financingtransaction is related to the commission of a terrorist act, commits an offence and shall on conviction on indictment,be liable to imprisonment for five years.The Financial Intelligence Unit RegulationsSection 36 of the FIU Regulations provides that where a financial institution or listed business commits an offenceunder the Regulations for which no penalty is specified it shall be liable to:-a) a fine of $500,000 and to a further fine of $20,000 for each day that the offence continues uponsummary conviction;b) a fine of $1,000,000 and to a further fine of $50,000 for each day that the offence continues onconviction on indictment.The Financial Obligations (Financing of Terrorism) Regulations, 2011Regulation 8 of the Financing of Terrorism Regulations stipulate that a financial institution or listed business whichdoes not comply with the Regulations commits an offence and is liable on summary conviction or on conviction onindictment to the penalty prescribed in the Anti-Terrorism Act.Regulation 9 of the Financing of Terrorism Regulations requires that where a company commits an offence under theRegulations, any officer, director or agent of the company –a) who directed, authorized, assented to, or acquiesced in the commission of the offence; orb) to whom any omission is attributable,is a party to the offence and is liable on summary conviction or on conviction on indictment , to the penalty prescribedin the Anti-Terrorism Act.Regulation 9 also prescribes offences and penalties in respect of partnerships and unincorporated associations.Page 75 of 75