Untitled-10 BELIZE
FINANCIAL INTELLIGENCE UNIT ACT CHAPTER 138:02
REVISED EDITION 2003 SHOWING THE SUBSTANTIVE LAWS AS AT 31ST MAY, 2003
This is a revised edition of the Substantive Laws, prepared by the Law Revision Commissioner under the authority of the Law Revision Act, Chapter 3 of the Substantive Laws of Belize, Revised Edition 2000.
This edition contains a consolidation of the following laws- Page
ARRANGEMENT OF SECTIONS 3
FINANCIAL INTELLIGENCE UNIT ACT 6 Amendments in force as at 31st May, 2003.
BELIZE
FINANCIAL INTELLIGENCE UNIT ACT CHAPTER 138:02
REVISED EDITION 2003 SHOWING THE SUBSTANTIVE LAWS AS AT 31ST MAY, 2003
This is a revised edition of the Substantive Laws, prepared by the Law Revision Commissioner under the authority of the Law Revision Act, Chapter 3 of the Substantive Laws of Belize, Revised Edition 2000.
This edition contains a consolidation of the following laws- Page
ARRANGEMENT OF SECTIONS 3
FINANCIAL INTELLIGENCE UNIT ACT 6 Amendments in force as at 31st May, 2003.
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CHAPTER 138:02
FINANCIAL INTELLIGENCE UNIT
ARRANGEMENT OF SECTIONS
PART I
Preliminary
1. Short title.
2. Interpretation.
PART II
Establishment of Financial Intelligence Unit
3. Establishment of Financial Intelligence Unit.
4. Appointment of Director.
5. Appointment of other staff.
6. Secondment of staff.
7. Functions of the Unit.
8. Power of the Commissioner of Police not affected.
9. Power to obtain information.
10. Power of entry and search for purposes of investigation.
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11. Attachment order.
12. Confidentiality and oath.
13. No order may be issued to the Unit.
14. Immunity from suit or other process.
15. No criminal or civil liability for supplying information.
PART III
Financial Provisions Accounts and Reports
16. Funds and resources of the Unit.
17. Annual budget.
18. Accounts and audit.
19. Annual report.
PART IV
Amendment of the Money Laundering (Prevention) Act
20. Amendment of section 2 (Definition of Supervisory Authority).
21. Repeal of section 10.
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PART V
General
22. Restriction on execution.
23. Exemption from taxes, etc.
24. Validity of Unit’s acts.
25. Amendment of Schedules.
26. Regulations.
27. Commencement.
FIRST SCHEDULE
SECOND SCHEDULE
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CHAPTER
FINANCIAL INTELLIGENCE UNIT
[13th September, 2002]
PART I
Preliminary
1. This Act may be cited as the Financial Intelligence Unit Act.
2. In this Act, unless the context otherwise requires-
“crime” includes an offence punishable under the Criminal Code or under any other statute, rule, regulation or order;
“Director” means the Director of the Financial Intelligence Unit, appointed pursuant to section 4;
“financial crime”-
(a) means an offence under any of the enactments set out in the First Schedule, or under any subsidiary legislation made thereunder; and
(b) includes-
(i) computer crimes;
(ii) internet fraud;
(iii) pyramid schemes;
Short title.
Interpretation.
CAP. 101.
First Schedule.
No. 35 of 2002.
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(iv) illegal deposit taking;
(v) any suspected offence which appears to the Director, on reasonable grounds, to involve serious or complex fraud; and
(vi) any activity carried out outside Belize and which, had it taken place in Belize, would have constituted an offence referred to in paragraph (a) above or this paragraph (b);
“financial institution” shall have the meaning ascribed to it in the Money Laundering (Prevention) Act;
“Financial Intelligence Unit” means the Financial Intelligence Unit established pursuant to section 3;
“Foreign Financial Intelligence Unit” means such body or bodies in another jurisdiction as may from time to time be designated by Order of the Minister and which performs functions similar to those of the Financial Intelligence Unit;
“Minister” means the Minister for the time being responsible for international financial services or offshore industry;
“Person” means a natural person or a legal person and includes any public body and any body of persons, corporate or unincorporate;
“Unit” means the Financial Intelligence Unit established pursuant to section 3.
CAP. 104.
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PART II
Establishment of Financial Intelligence Unit
3. There is hereby established a body to be known as the Financial Intelligence Unit having perpetual succession and a common seal with power to enter into contracts and to do all such things necessary for the performance of its functions.
4. (1) There shall be a Director of the Unit who shall be appointed by the Governor-General on the advice of the Prime Minister for such period and upon such terms as may be specified in his instrument of appointment.
(2) The Director shall be the chief executive officer of the Unit and shall perform and exercise such functions, duties and powers as are conferred upon him by this Act or any other law.
(3) A person may not be appointed or remain Director who-
(a) is a member of either House of the National Assembly; or
(b) is a director, officer or servant of, or has a controlling interest in, any financial institution.
(4) The Director may at any time by notice in writing to the Governor General resign his office.
(5) If the Governor General is satisfied that the Director
(a) is incapacitated by physical or mental illness; or
(b) has become bankrupt or made arrangements with his creditors; or
Establishment of Financial Intelligence Unit.
Appointment of Director.
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(c) is otherwise unable or unfit to discharge the functions of Director;
the Governor General may declare the office of the Director vacant and shall notify the fact in such manner as the Governor General thinks fit, and thereupon that office shall become vacant.
5. (1) The Director may, with the approval of the Minister, appoint and employ, at such remuneration and subject to such terms and conditions as the Minister may approve, other suitably qualified and experienced persons as officers and employees of the Unit, for the purpose of ensuring the proper performance of its functions and the attainment of its objectives.
(2) The staff of the Unit shall include at least one attorney-at-law and another person with a sound financial, economic or accounting training and experience.
(3) The Commissioner of Police shall, on the recommendations of the Director, appoint to the Unit such number of police officers, preferably with paralegal qualiflcations, as may be considered necessary, and while so appointed, such officers shall act on the instructions of the Director.
6. (1) The Governor General, acting in accordance with the advice of the Prime Minister in the case of public officers to whom section 107 of the Belize Constitution applies, and the appropriate Services Commission in the case of other public officers, may, subject to such conditions as the Governor- General acting as aforesaid, or, as the case may be, the appropriate Service Commission, may impose, approve the secondment of any public officer in the service of the Government to any office with the Unit, and any public officer so seconded shall, in relation to pension, gratuity or other retiring benefits, be treated as continuing in the service of the Government.
(2) Any officer or employee of a public statutory body may, subject to such conditions as such statutory body may impose, be seconded to the
Appointment of other staff.
Secondment of staff.
CAP. 4.
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Unit, and while so seconded, such officer or employee shall, in relation to pension, gratuity or other retiring benefits, be treated as continuing in the service of the statutory body concerned.
7. (1) The Unit shall, subject to the provisions of this Act-
(a) investigate and prosecute financial crimes;
(b) perform the functions of the Supervisory Authority under the Money Laundering (Prevention) Act;
(c) ensure coordination and cooperation between law enforcement agencies, Government departments, regulatory authorities, private institutions and members of relevant professions in evolving methods and policies to prevent and suppress financial crimes;
(d) take such measures as may be necessary to counteract financial crimes;
(e) share information and cooperate with foreign financial intelligence units in the fight against financial crimes;
(f) inform and educate the public and financial and business entities of their obligations under measures that have been or might be taken to detect, prevent and deter the commission of financial crimes;
(g) deal with all requests for legal assistance from foreign countries, law enforcement agencies and other regulatory bodies relating to financial crimes; and
Functions of the Unit.
CAP. 104.
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(h) perform such other functions related to the above as may be assigned by the Minister.
(2) The Director General of the International Financial Services Commission, the Commissioner of Police or the Governor of the Central Bank of Belize, may refer to the Unit, for the purpose of investigation and prosecution, any suspected financial crime.
(3) The Director may, on his own initiative, investigate any suspicious transaction or any financial crime.
(4) The Commissioner of Police shall give such assistance to the Director as may be necessary to enable him to discharge his functions under this Act.
8. Nothing in this Act shall derogate from the power of the Commissioner of Police to investigate and prosecute any financial crime but in every such case the Commissioner of Police shall act in consultation and coordination with the Director.
9. (1) Without prejudice to the power of the Supervisory Authority under the Money Laundering (Prevention) Act, the Director may, by notice in writing, require –
(a) a person whose affairs are the subject of investigation whether in Belize or elsewhere, or who may have evidence relevant to a law enforcement investigation, whether conducted in Belize or elsewhere, to furnish such information or produce such documents as may be required with respect to any matter relevant to such investigation; and
(b) any public officer to furnish information or to produce any document in his custody or under his control.
Power of the Commissioner of Police not affected.
Power to obtain information. CAP. 104.
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(2) The Director may take copies or extracts from any document produced under subsection (1) and may require the person producing it to give any explanation relating to such document.
(3) Where material to which an investigation relates consists of information stored in a computer, disc, cassette, or on microfilm, or preserved by any mechanical or electronic device, the request from the Director shall be deemed to require the person named therein to produce or give access to it in a form in which it can be taken away and in which it is visible and legible.
(4) A person required to furnish information or to produce any specified documents or any documents of a specified class shall not, without reasonable excuse, fail to furnish information or produce a document or class of documents.
(5) It shall be a reasonable excuse, for the purposes of subsection (4), for a person to refuse or fail to furnish information or to produce a document or a class of documents that he is required to furnish or produce, where the furnishing of the information or the production of the document or class of documents might tend to incriminate him.
(6) Any person who contravenes subsection (4) above commits an offence and shall be liable on summary conviction to a fine not exceeding five thousand dollars or to imprisonment for a term not exceeding one year, or to both such fine and imprisonment.
(7) This section and the next following section 10 shall have effect notwithstanding anything to the contrary in any other law.
10. (1) Where the Director has reasonable grounds to believe that a financial crime has been, is being or is about to be committed, he may (without prejudice to the power of the Supervisory Authority under the Money Laundering (Prevention) Act) authorise any of the officers of the Unit to enter and search, at all reasonable times, any premises or place of business and
Power of entry and search for purposes of investigation. CAP. 104.
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remove therefrom any documents or material which may provide evidence relevant to an investigation being conducted by the Unit.
(2) In the exercise of any powers under this Act, an authorised officer shall, when requested by any person affected, produce to that person, his authority to exercise the power so conferred.
(3) Any person who refuses entry to or otherwise obstructs the authorised officer from carrying out his duties under this section shall be guilty of an offence and shall be liable on summary conviction to a fine not exceeding ten thousand dollars or to imprisonment for a term not exceeding two years, or to both such fine and imprisonment.
11. (1) Where the Director has reasonable grounds to suspect that a person has committed, is committing or is about to commit a financial crime, he may without prejudice to the powers of the Supervisory Authority under the Money Laundering (Prevention) Act, apply to a Judge in Chambers ex parte for an attachment order and the Judge may, subject to subsection (3), grant the application.
(2) An attachment order shall -
(a) attach in the hands of any person named in the order all moneys and other property due or owing or belonging to or held on behalf of the suspect;
(b) require that person to declare in writing to the Director within 48 hours of service of the order, the nature and source of all moneys and other property so attached; and
(c) prohibit the person from transferring, pledging or otherwise disposing of any money or other property so attached except in such manner as may be specified
Attachment order.
CAP. 104.
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in the order.
(3) The Judge in Chambers shall not make an order under subsection (1) unless he is satisfied that the suspect has committed, is committing or is about to commit a financial crime.
(4) An attachment order under this section shall take effect forthwith and the Director shall -
(a) cause a notice of the order to be published in the next issue of the Gazette and in at least one daily newspaper published and circulated in Belize; and
(b) give notice of the order to –
(i) all banks and financial institutions; and
(ii) any other person who may hold or be vested with property belonging to or held on behalf of the suspect.
12. (1) The Director and every officer of the Unit:
(a) shall take the oath specified in the Second Schedule;
(b) shall not, except in accordance with this Act or otherwise as authorised by law -
(i) divulge any information obtained in the exercise of a power or in the performance of a duty under this Act;
(ii) divulge the source of such information or the identity of any informer or the maker, writer
Confidentiality and oath.
Second Schedule.
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or issuer of a report given to the Director;
(c) shall maintain and aid in maintaining confidentiality and secrecy of any matter, document, report and other information relating to the administration of this Act or any regulations made thereunder that becomes known to him or comes in his possession or under his control.
(2) Notwithstanding subsection (1), the Director may, for the purpose of an enquiry into any matter under this Act, impart to an agency in Belize or abroad, such information, as may appear to him to be necessary to assist an investigation or prosecution of money laundering or other financial crimes.
(3) Any person who, without lawful excuse, contravenes this section shall commit an offence and shall, on summary conviction, be liable to a fine not exceeding five thousand dollars or to imprisonment for a term not exceeding one year, or to both such fine and imprisonment.
13. Notwithstanding the provisions of any other Act, no order for the provision of information, documents or evidence may be issued in respect of the Unit or against the Minister, Director, officers or personnel of the Unit or any person engaged pursuant to this Act.
14. No action shall lie against the Minister, Director, officers or personnel of the Unit or any person acting under the direction of the directors for anything done or omitted to be done in good faith and in the administration or discharge of any functions, duties or powers under this Act.
15. (1) No proceedings for breach of banking or professional confidentiality may be instituted against any person or against directors or employees of a financial or business entity who in good faith transmit information or submit reports in accordance with this Act.
No order may be issued to the Unit.
Immunity from suit or other process.
No criminal or civil liability for supplying information.
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(2) No civil or criminal liability action may be brought nor any professional sanction may be taken against any person or against directors or employees of a financial or business entity who in good faith transmit information or submit reports to the Unit.
PART III
Financial Provisions Accounts and Reports
16. The funds and resources of the Unit shall consist of any moneys as may from time to time be provided by the National Assembly.
17. The Unit shall prepare for each new financial year an annual budget of revenue and expenditure which shall be submitted to the Minister at least three months prior to the commencement of the financial year.
18. (1) The Unit shall keep proper accounts and other records in relation thereto, and shall prepare in respect of each financial year a statement of accounts.
(2) The accounts of the Unit for each year shall be audited by an auditor to be appointed by the Director with the approval of the Minister.
(3) As soon as the accounts have been audited, the Director shall submit a copy thereof to the Minister together with a copy of any report made by the auditor.
19. (1) The Director shall -
(a) from time to time advise the Minister on the work of the Unit and in particular on matters that could affect public policy or the priorities to be set by the Unit;
Funds and resources of the Unit.
Annual budget.
Accounts and audits.
Annual report.
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(b) prepare and submit to the Minister on or before June 30 in each year an annual report reviewing the work of the Unit.
(2) The Minister shall lay or cause to be laid a copy of every annual report on the table of both Houses of the National Assembly.
PART IV
Amendment of the Money Laundering (Prevention) Act
20. Section 2 of the Money Laundering (Prevention) Act, is hereby amended by repealing the definition of the term “Supervisory Authority” and substituting therefore the following definition:-
“Supervisory Authority” means the Financial Intelligence Unit established under the Financial Intelligence Unit Act.’
21. Section 10 of the Money Laundering (Prevention) Act is hereby repealed.
PART V
General
22. No execution by attachment of property or process in the nature thereof shall be issued against the Unit.
23. (1) The Unit shall be exempt from the payment of income tax, business tax, property tax, customs duties and all other duties, rates, charges and imposts charged or levied by the Government or a local authority.
(2) All instruments executed by or on behalf of the Unit shall be
Amendment of section 2. CAP. 104. Act. No. 5/2002. No. 35 of 2002.
Repeal of section 10. CAP. 104. Act No. 5/2002.
Restriction on execution.
Exemption from taxes.
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exempt from stamp duty.
24. No acts done or proceedings taken under this Act shall be questioned or invalidated on the grounds of the existence of any vacancy in the membership, or of any defect in the constitution of the Unit, or of any omission, defect or irregularity.
25. (1) The Minister may from time to time, by order published in the Gazette, amend any of the Schedules to this Act.
(2) Every order made under subsection (1) above shall be laid before the National Assembly as soon as may be after the making thereof and shall be subject to negative resolution.
26. The Unit may, with the approval of the Minister, from time to time make regulations prescribing all matters and things required or authorised by this Act to be prescribed or provided, for the carrying out of, or the giving full effect to, the provisions of this Act and its due administration.
27. This Act shall come into force on a day to be appointed by the Minister by Order published in the Gazette.
__________
Validity of Unit’s acts.
Amendment of Schedules.
Regulations.
Commencement.
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FIRST SCHEDULE
(Section 2)
1. Banks and Financial Institutions Act.
2. International (or Offshore) Banking Act.
3. International Financial Services Commission Act.
4. International Insurance Act.
5. International Business Companies Act.
6. Money Laundering (Prevention) Act.
7. Mutual Funds Act.
8. Protected Cell Companies Act.
9. Trusts Act, in so far as it relates to offshore trusts.
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SECOND SCHEDULE
(Section 12)
I ____________________ being Director/officer of the Financial Intelligence Unit, do hereby swear/solemnly affirm that I will, to the best of my judgment, act in accordance with the Financial Intelligence Unit Act, and any regulations made thereunder and shall not, on any account and at any time, disclose, otherwise than in the performance of my duties, any confidential information obtained by me by virtue of my official capacity.
_____________________ Signature
Dated: _______________
Taken before me
__________________________ Commissioner of the Supreme Court
