2001 Money Laundering (Prevention) Act (Amendment) GRENADA ACT NO. 19 OF 2001

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1 2001 Money Laundering (Prevention) Act I assent, GRENADA ACT NO. 19 OF st August, DANIEL CHARLES WILLIAMS Governor-General. An Act to amend the Money Laundering (Prevention) Act [ 31st August, 2001 ]. ENACTED by the Parliament of Grenada Short title and definition. 1. (1) This Act may be cited as the MONEY LAUNDERING (PREVENTION) (AMENDMENT) ACT (2) In this Act, the principal Act means the Money Laundering (Prevention) Act 1999 (Act No. 18 of 1999). Schedule of amendments. 2. The provisions of the principal Act listed in the first

2 274 Act 19 Money Laundering (Prevention) 2001 Part V repealed. column of the Schedule to this Act are amended in the manner set out in the second column. 3. Part V of the Proceeds of Crime Act (Cap. 4 of of the the 1994 Laws of Grenada) of the Continuous Revised principal Edition (which provides rules for establishing mens rea) Act is is incorporated in the principal Act as if it were set out repealed.inin full and enacted as section 30A of the principal Act. Crime Act. SCHEDULE ( 2) AMENDMENTS TO THE MONEY LAUNDERING (PREVENTION) ACT Before the section, insert the heading PART 1 PRELIMINARY. 2(1) In paragraph (a) of the definition business transaction record insert record after identification. In the definition Competent Authority delete Competent Authority and substitute competent authority. In the definition financial institution delete everything after business and substitute is the carrying on of any activity listed in the First Schedule;. In paragraph (a) of the definition identification record (a) remove and from the end of sub-paragraph (ii) and insert it at the end of sub-paragraph (iii); (b) after paragraph (iii) add the following new sub-paragraph

3 2001 Money Laundering (Prevention) Act (iv) of the beneficial owners, if any, of such body corporate;. In paragraph (b) of the definition money laundering insert before Grenada the words or taking out of. In the definition officer delete Act where it first appears. In the definition proceeds of crime insert a comma after indirectly in the 3rd line. In the definition property insert a comma after intangible in the 3rd line. Delete the definition Registrar and substitute Registrar means the Registrar of Companies under the Companies Act 1994;. 2(2) Add at the end the following new subsections (3) The Minister may by order amend the First Schedule. (4) The Attorney General may by order amend the Second Schedule. (5) 4(2) of the Proceeds of Crime Act (Cap. 4 Vol. 1 Laws of Grenada 1994) applies for the purpose of this Act as it applies for the purpose of that Act.. 3(2) Paragraph (d) is amended by indenting it in line with paragraphs (a), (b) and (c); and replacing the semi-colon by a full-stop at the end. 4 Delete offense in the 1st line and substitute offence. 6(1) Remove to another person from after investigation in the 4th line and place it after discloses in the 3rd line.

4 276 Act 19 Money Laundering (Prevention) (1) Delete the commas after officer and Sergeant in the 1st line. Insert a comma after may in the 1st line. 8(2) In paragraph (a) delete under this Act in the 2nd line and substitute of money laundering ; after premises in the 5th line insert specified ; delete in the information at the end. In paragraph (b) insert commas after record in the 1st line and voucher in the 2nd line; delete under this section in the 3rd line and substitute of money laundering ; delete the semi-colon in the penultimate line and substitute, and ; insert a comma after or where it first appears in the last line. 8(3) After aircraft in the 3rd line insert specified in a warrant granted under subsection (2) and. Insert a comma after 20 in the 6th line. 8(6) Delete 10 in the 3rd line and substitute Delete this section in the 2nd line and substitute section 8 or 9. Delete the comma after material in the 3rd line. 12 In paragraph (b) delete also in the 3rd line.

5 2001 Money Laundering (Prevention) Act After paragraph (f) insert the following new paragraph (ff) may conduct investigations or enquiries on behalf of a counterpart authority in a foreign country and may transmit to such counterpart authority the result of any such investigation or enquiry;. In paragraph (h) delete as provided under and substitute imposed by. 14 After paragraph (a) add the following new paragraph (aa) identify the beneficial owners of a party to any business transaction if the institution has, or reasonably ought to have, doubts as to whether the party is acting on its own behalf;. In paragraph (c) delete the comma after representative in the 2nd line. Re-number the existing text as subsection (1). Add the following as subsections (2) and (3) (2) A financial institution that fails to comply with any of the obligations in subsection (1) commits an offence. (3) The obligations under subsection (1) are in addition to those imposed on financial institutions by sections 50 and 51 of the Proceeds of Crime Act.. 15(5) Insert a comma after addition in the penultimate line. 15 Add at the end the following new subsection (8) The obligations under this section are in addition to those imposed on financial institutions by section 52 of the Proceeds of Crime Act.. 16 Delete the semi-colon and substitute a comma after employee in the 5th line from the end.

6 278 Act 19 Money Laundering (Prevention) Delete one hundred thousand dollars and substitute $250, Add the following new subsection (3) If the Director of Public Prosecutions directs under subsection (2) that an offence under this Act should be tried summarily, a magistrate has jurisdiction to hear the case and impose a penalty up to the maximum prescribed by the Act notwithstanding any limit on a magistrate s jurisdiction under any other law.. Schedule Delete items 1 to 4 and substitute 1. The commission in Grenada of any offence under the Drug Abuse (Prevention and Control) Act. 2. An act or omission outside Grenada which if it occurred in Grenada would constitute an offence under the Drug Abuse (Prevention and Control) Act. 3. The commission in Grenada of an offence punishable, if committed by an individual, by death or by imprisonment for 5 years or more. 4. An act or omission outside Grenada that, if it occurred in Grenada, would constitute and offence punishable, if committed by an individual, by death or by imprisonment for 5 years or more.. Passed by the House of Representatives the 10th day of August, ABEL NEWTON Clerk to the House of Representatives. Passed by the Senate the 28th day of August, 2001.

7 2001 Money Laundering (Prevention) Act ABEL NEWTON Clerk to the Senate. GRENADA PRINTED BY THE GOVERNMENT PRINTER, AT THE GOVERNMENT PRINTING OFFICE, ST. GEORGE'S 2001.