Laundering and Funding of Terrorism Regulations, 2018

L.N. 117 of 2018

PREVENTION OF MONEY LAUNDERING ACT

(CAP. 373

National Coordinating Committee on Combating Money

Laundering and Funding of Terrorism Regulations, 2018

IN exercise of the powers conferred by article 12A of the

Prevention of Money Laundering Act, the Minister for Finance has

made the following regulations:-

(1) The title of these regulations is the National Citation and

Coordinating Committee on Combating Money Laundering and scope.

Funding of Terrorism Regulations, 2018.

(2) The objective of these regulations is to establish and

provide for the functions, powers and procedures of the National

Coordinating Committee on Combating Money Laundering and

Funding of Terrorism.

(1) The terms used in these regulations shall, unless the Interpretation

context otherwise requires, or unless otherwise defined in these and application.

regulations, have the same meaning attributed to the said terms under

the Prevention of Money Laundering Act.

(2) In these regulations, unless the context otherwise requires

"the Act" means the Prevention of Money Laundering Act;

"the Committee" means the National Coordinating Committee

on Combating Money Laundering and Funding of Terrorism

established by regulation 3;

"the Minister" means the Minister responsible for Finance.

(1) There is hereby established a National Coordinating Establishment,

Committee on Combating Money Laundering and Funding of scope

composition of

Terrorism.

the Committee.

(2) The Committee shall be composed in accordance with the

provisions of article 12A(3) of the Act.

(1) The Chairperson shall be the person referred to in Chairperson and

Deputy

article 12A(5) of the Act.

Chairperson.

(2) A Deputy Chairperson shall be appointed by the Minister

from among the members of the Committee.

(3) The Chairperson shall be the Head of the Committee and

the Deputy Chairperson shall have all the powers and perform all the

functions of the Chairperson during his absence or inability to act as

Chairperson or during any vacancy in the office of Chairperson.

(1) Apart from the functions referred to in article

12A(2) of the Act, the Committee shall also

(a)

conduct any research and studies related to the

functions of the Committee;

(b) provide

guidance,

advice

and

make

recommendations to the Minister, on all matters relevant to the

combating of money laundering, funding of terrorism and the

financing of the proliferation of weapons of mass destruction;

(c)

conduct any necessary follow-up action to monitor

and ascertain the effective implementation of the national

strategy and policies and the actions intended to address any

threats, vulnerabilities and risks identified following the

carrying out of national risk assessments.

(1) The Committee may appoint sub-committees

composed of members of the Committee, for the purpose of executing

the functions of the Committee in a more effective manner, and the

Committee shall determine the functions to be assigned to, and the

procedure to be followed by, such sub-committees.

(2) The Committee may also, whenever it deems so necessary

and expedient, engage one or more persons, whom it considers to be

in possession of suitable expertise, to assist it or any sub-committee

appointed in terms of sub-regulation (1) in carrying out specific

functions and tasks requiring such expertise, and, for this purpose, the

Committee may impose such conditions as it considers necessary.

(1) The Committee shall meet within one month from

its constitution and at such regular intervals thereafter as may be

necessary, but shall as a minimum meet once every two months.

(2) The Committee shall not act unless a quorum consisting of

the Chairperson or the Deputy Chairperson together with not less than

half of the Committee members are present.

(3) Without prejudice to the provisions of sub-regulation (2),

the Committee may act notwithstanding any vacancy amongst its

members.

(4) The meetings of the Committee shall be chaired by the

Chairperson, or, in the absence of the Chairperson, by the Deputy

Chairperson.

(5) The decisions of the Committee shall be adopted by a

simple majority of the votes of the members present and voting, and,

in the event of an equality of votes, the member presiding at the

meeting shall have and exercise a second or casting vote.

(6) The Committee shall have the power to invite observers to

its meetings

Provided that such observers shall have the faculty of

participating and intervening during such meetings, but shall have no

voting rights.

(1) There shall be set up a Committee Secretariat, which Committee

shall be responsible for providing the necessary technical and Secretariat.

administrative support to the Committee and to assist it in the proper

carrying out of its functions, in particular, in the implementation of

decisions taken by the Committee.

(2) The Secretariat shall be provided with all the adequate

financial, human and technical resources as may be necessary and

expedient for its proper functioning and shall consist of such number

of appropriately skilled and specifically dedicated officials as may be

deemed necessary from time to time, and as a minimum shall consist

of two full-time persons.

(3) The Secretariat shall have an Executive Secretary who

shall be the head of the Secretariat and who shall be responsible for

the work and management of the Secretariat. The Executive Secretary

shall also serve as Secretary to the Committee but shall not have

voting rights.

Members of the Committee, representatives appointed in Exemption from

terms of regulation 3(2), experts appointed in terms of regulations liability.

6(1) and 6(2) and members of the Secretariat shall not be liable in

damages for anything done or omitted to be done in the discharge or

purported discharge of any function under these regulations, unless

the act or omission is shown to have been done or omitted to be done,

as the case may be, in bad faith.

The members of the Committee, representatives appointed Confidentiality.

in terms of regulation 3(2), observers invited in terms of regulation

7(6), experts appointed in terms of regulation 6(2) and members of

the Secretariat, whether still in the service of the Committee or not,

shall treat any information acquired in the performance of their duties

or the exercise of the functions under these regulations as

confidential.

The Committee shall compile and transmit an annual

Reporting.

report on its activities to the Minister.

€0.36