1.       Short title

            This Act may be cited as the Financial Intelligence Act.

2.       Interpretation

            In this Act unless the context otherwise requires-

            "Agency" means the Financial Intelligence Agency established under section 3;

            "Committee" means the National Coordinating Committee on Financial Intelligence established under section 6;

            "comparable body" means an institution or government agency outside Botswana with functions similar to those of the Agency;

            "Director" means the Director of the Agency;

            "Directorate" means the Directorate of Intelligence and Security established under the Intelligence and Security Service Act;

            "Egmont Group" means an informal body of governments that share the common goal of providing a forum to enhance mutual cooperation and share financial information in order to detect financial offences;

            "financial offence" means money laundering, financing of terrorism or the acquisition of property from the proceeds of any other offence ';

            "investigatory authority" means an authority empowered by an Act of Parliament to investigate or prosecute unlawful activities;

            "money laundering" has the same meaning assigned to it under the Proceeds of Serious Crime Act;

            "property" means money or any other movable, immovable,  corporeal, or unincorporeal thing and includes any rights,  securities and any interest in privileges and claims over the property including-

     (a)     any currency, whether or not the currency is legal tender of Botswana, and any bill, security, bond, negotiable instrument or any instrument capable of being negotiated which is payable to bearer or endorsed payable to bearer,  whether expressed in Botswana currency or otherwise,

     (b)     any balance held in Botswana currency or in any other currency in accounts with any bank which carries on business in Botswana,

     (c)     any balance held in any currency with a bank outside Botswana,

     (d)     motor vehicle, ship, aircraft, boat, works of art, jewellery,  precious metal or any other item of value,

     (e)     any right or interest in property,

     (f)      funds or other assets and any interest, dividends or income on or value accruing or generated by such funds or assets,  and

     (g)     stored value devices;

            "specified party" means a person listed in Schedule I to this Act;

            "supervisory authority" means a person listed in Schedule II to this Act except that the Agency shall act as a supervisory authority for a specified party that does not have a supervisory authority;

            "suspicious transaction" means a transaction which-

     (a)     gives rise to a reasonable suspicion that it may involve financial offence,

     (b)     gives rise to a reasonable suspicion that it may involve property connected to, or to be used to finance terrorism, whether or not the property represent the proceeds of an offence,

     (c)     is made in circumstances of unusual or unjustified complexity,

     (d)     appears to have no economic justification or lawful objective,

     (e)     is made by or on behalf of a person whose identity has not been established to the satisfaction of the person with whom the transaction is made, or

     (f)      gives rise to suspicion for any other reason;

            "transaction" includes-

     (a)     opening an account, issuing a passbook, renting a safe deposit box, entering into a fiduciary relationship or establishing any other business relationship, and

     (b)     a proposed transaction.