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Bahamas Numbered Acts |
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No. 23 of 2003 |
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AN ACT TO AMEND |
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THE FINANCIAL TRANSACTIONS REPORTING ACT |
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[Date of Assent :- 31st December, 2003] |
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Enacted by the Parliament of The Bahamas |
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1.(1)
This Act may be cited as the
Financial Transactions Reporting (Amendment) Act, 2003.
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Short title and commencement. Ch. 368. |
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(2)
This Act shall come into force
on the 1st day of January, 2004.
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2.
Subsection (1) of section 3 of
the principal Act is amended by the deletion of paragraph (i) and
the substitution therefor of the
following -
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Amendment of section 3 of the principal Act. |
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"(i)an investment fund administrator or operator of an
investment fund within the meaning of the Investment Funds Act,
2003;".
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3.
Section 6 of the principal Act
is amended by the deletion of subsection (6) and the substitution
of the following -
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Amendment of section 6 of the Principal Act. |
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"(6)A financial institution shall verify the identity of any
facility holder of any facility in existence prior to the 29th
December,
2000 (hereinafter referred to as "an existing
facility"):
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Provided that where an existing facility has not been verified under this section as of the 1st day of April, 2004, the financial institution shall notify its Supervisory Authority who shall issue directions in writing to the financial institution in relation to that facility and such directions shall include the power to suspend or discontinue any further activity with the facility until such time as the verification has been made. |
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(7)In this section "Supervisory Authority" means
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(a)
where the financial institution
is a licensee of the Central Bank, the Central Bank;
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(b)
where the financial institution
is a licensee or registrant of the Securities Commission of The
Bahamas, the Securities Commission;
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(c)
where the financial institution
is a licensee of the Inspector of Financial and Corporate Service
Providers, the Inspector;
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(d)
where the financial institution
is a licensee of the Registrar of Insurance, the Registrar;
or
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(e)
where the financial institution
is not licensed or registered as set out in subparagraphs (i) - (v)
of section 3(1), the Compliance
Commission.
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(8)Any action taken by a Supervisory Authority under
subsection (6) shall not be treated as a breach of any law and
shall not give rise
to any civil liability.".
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4.
The principal Act is amended
by the insertion immediately after section 10 of the following new
section -
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Insertion of a new section 1M into the principal Act. |
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"Verification where offence under Proceeds
of Crime Act suspected.
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10A.(1) Notwithstanding section 14, a financial institution shall verify the identity of any person that conducts any transaction (whether as a facility holder or not) through a financial institution where the financial institution knows, suspects or has reasonable grounds to suspect that the transaction or proposed transaction involves proceeds of criminal conduct as defined in the Proceeds of Crime Act or any offence under the Proceeds of Crime Act or an attempt to avoid the enforcement of any provisions of the Proceeds of Crime Act. |
Ch. 93. |
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(2)Where subsection (1) of this section applies, the
financial institution shall verify the identity of the person as
soon as practicable
after the financial institution has reasonable
grounds to suspect that a transaction is of the kind referred to
under subsection
(1).".
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URL: http://www.commonlii.org/bs/legis/num_act/ft2003148