Use of Cash (Restriction) (Amendment) Regulations, 2021

L.N. 421 of 2021

PREVENTION OF MONEY LAUNDERING ACT

(CAP. 373)

Use of Cash (Restriction) (Amendment) Regulations, 2021

IN EXERCISE of the powers conferred by article 12 of the

Prevention of Money Laundering Act, the Minister responsible for

finance, acting on the advice of the Financial Intelligence Analysis

Unit, has made the following regulations:-

The title of these regulations is the Use of Cash Citation.

(Restriction) (Amendment) Regulations, 2021, and these regulations

shall be read and construed as one with the Use of Cash (Restriction) S.L. 373.04.

Regulations, hereinafter referred to as "the principal regulations".

Paragraph (b) of sub-regulation (1) of regulation 5 of the Amends

regulation 5 of

principal regulations shall be amended as follows

the principal

regulations.

(a)

for the words "shall be imposed:" there shall be

substituted the words "shall be imposed."; and

(b)

the proviso thereto shall be deleted.

Regulation 7 of the principal regulations shall be amended Amends

regulation 7 of

as follows

the principal

regulations.

(a)

paragraph (a) of sub-regulation (1) of regulation 7

thereof, shall be substituted by the following

"(a) the name, address, the type and number of

any official identification document issued by a

government authority used to verify the identity of an

individual, or any official registration number used to

identify a body corporate, as may be applicable, of the

buyer, seller, and any agents thereof;";

(b) sub-regulation (2) thereof, shall be deleted and sub-

regulation (1) thereof shall be re-numbered as regulation 7 in its

entirety.

Regulation 9 of the principal regulations shall be amended Amends

regulation 9 of

as follows

the principal

regulations.

(a)

in sub-regulation (1) thereof, for the words "referred

to in regulation 7(1)" there shall be substituted the words

"referred to in regulation 7"; and

(b) in sub-regulation (4) thereof, for the words

"described in regulation 7(1)" there shall be substituted the

words "described in regulation 7".

Sub-regulations (2) and (3) of regulation 12 of the

principal regulations shall be deleted and sub-regulation (1) thereof

shall be re-numbered as regulation 12 in its entirety.

Immediately after regulation 12 of the principal

regulations there shall be added the following new regulation

(1) Any trader or notary who fails to

comply with any lawful requirement in accordance

with these regulations, or with any procedures and

instructions issued by the Unit in accordance with

regulation 12, shall be liable to an administrative

penalty of not more than five thousand euro (€5,000)

which shall be imposed by the Unit without recourse

to a court hearing, in accordance with policies and

procedures established by the Board of Governors

referred to in the Act.

(2) Notwithstanding the provisions of sub-

regulation (1), the Unit may, where circumstances so

warrant, issue a warning in writing instead of an

administrative penalty.".

€0.18