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  • Article 2 Offence of Money Laundering

    • 2.1

      Any person who commits any of the following acts for the purpose of showing that the source of the property is lawful shall have committed the offence of money laundering:

      (a) conducting a transaction with the proceeds of crime knowing or believing or having reason to know or believe, that such property is derived from criminal activity or from an act of participation in criminal activity;
      (b) the concealment or disguise of the nature, source, location, disposition, movement, rights with respect of, in or over, or ownership of the proceeds of crime, knowing or believing, or having reason to know or believe, that such proceeds of crime are derived from criminal activity or from an act of participation in criminal activity;
      (c) the acquisition or receipt or transfer of the proceeds of crime, knowing or believing, or having reason to know or believe, that the same was derived from criminal activity or from an act of participation in criminal activity;
      (d) the retention or possession of the proceeds of crime knowing or believing, or having reason to know or believe, that the same was derived from criminal activity or from an act of participation in criminal activity.

    • 2.2

      Any of the following acts shall be deemed to be an act of participation in the offence of money laundering:

      (a) destruction, misappropriation, concealment or forgery or any document which could be used as evidence in the offence or against the accused;
      (b) knowledge of the intent of any person who commits the offence, and provision of any facilities or information which may assist such person to conceal the offence or escape from prosecution.

    • 2.3

      A person can be punished for the offence of money laundering under this Law even if he is not convicted in the underlying criminal activity. In this context, "underlying criminal activity" refers to criminal activity from which the property which is involved in a money laundering offence has been directly or indirectly derived.

    • 2.4

      A person can be separately charged and convicted of both a money laundering offence under this Law and of an offence constituted by an underlying criminal activity from which the property or the proceeds, in respect of which he is charged with money laundering, were derived.

    • 2.5

      Where an offence of money laundering is committed by a corporate body, every person who, at the time of the commission of the offence, acted in an official capacity for or on behalf of such body, shall be guilty of that offence if the offence was committed by the intentional conduct or gross negligence of such person.

    • 2.6 Offences Related to the Offence of Money Laundering

      A person who commits any of the following acts shall have committed an offence related to money laundering:

      (a) failure to disclose to the Enforcement Unit any information or suspicion acquired in the course of that person's trade, business, profession, employment or otherwise regarding the offence of money laundering;
      (b) failure or refusal to follow or obstruction or hindering of any order issued by the Enforcement Unit or issued at its request by the Investigation Magistrate pursuant to investigation of the offence of money laundering;
      (c) disclosure of any information or suspicion acquired in the course of that person's, trade, business, profession, employment or otherwise regarding the issue of an investigation order or attachment order in a money laundering offence, where such disclosure is likely to prejudice the investigation.

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