The Miscellaneous Provisions (Proceeds of Crime and Central Bank) Act No. 22 of 2019

BILL AN ACT to amend the Proceeds of Crime Act, Chap. 11:27 and the Central Bank Act, Chap. 79:02 [Assented to 7th December, 2019] ENACTED by the Parliament of Trinidad and Tobago as follows:

1. This Act may be cited as the Miscellaneous Provisions (Proceeds of Crime and Central Bank) Act,

Enactment Short title Fifth Session Eleventh Parliament Republic of Trinidad and Tobago REPUBLIC OF TRINIDAD AND TOBAGO Act No. 22 of 2019 [L.S.]

2. The Central Bank Act is amended by inserting after section 27, the following section: 27A. (1) In addition to the powers of the Bank under section 27, the Minister may direct the Bank to cancel any note issued by it by giving not less than fourteen days’ notice published in the Gazette of the date of cancellation. (2) On or from the appointed date the specified notes shall cease to be the currency of or be legal tender in Trinidad and Tobago and subject to subsection (4), shall for all purposes be cancelled and be of no value. (3) The Bank shall redeem at face value any specified notes which are presented for redemption prior to the appointed date. (4) The Bank shall redeem at face value any of the specified notes that are presented within the period of three months after the appointed date if it is satisfied that the failure to present the notes for redemption prior to the appointed date resulted from circumstances beyond the control of the true owner of the notes or that there was some other good or sufficient reason for the failure. (5) The Minister may by Order extend the date or period in subsections (1) and (4) in any case or class of cases where he considers it appropriate to do so. Chap. 79:02 amended “Redemption andcancellation of notes 2 No. 22 Miscellaneous Provisions (Proceeds of Crime 2019 and Central Bank)

(6) The Bank, with the approval of the Minister, may prescribe such condi￾tions and procedures as it considers appro￾priate for the redemption of specified notes in accordance with subsections (3) and (4). (7) In accordance with sections 21 and 26, the Bank may with the approval of the Minister issue notes of the same face value to replace the specified notes, provid￾ed that the replacement notes are of a dif￾ferent design. (8) For the purposes of this section— “appointed date” in relation to any note means the date of cancellation specified in the notice published in accor￾dance with sub￾section (1); “specified notes” means the notes specified in the notice published in accordance with subsection (1).”. 3. Section 55(3C) of the Proceeds of Crime Act is amended by deleting the words “is ninety thousand dollars or such other amount as”. 4. The Financial Obligations Regulations are amended— (a) in regulation 11(1)— (i) in paragraph (b) by deleting the words “ninety thousand dollars” and substituting the words “the Chap. 11:27 amended Chap. 11:27 amended No. 22 Miscellaneous Provisions (Proceeds of Crime 2019 3 and Central Bank)

amount prescribed by the Minister under section 55(3C) of the Act”; (ii) in paragraph (c) by deleting the words “ninety thousand dollars but together the total value is ninety thousand dollars or more ” and sub￾stituting the words “the amount prescribed by the Minister under section 55(3C) of the Act but together the total value is the amount prescribed by the Minister under section 55(3C) of the Act or more”; and (b) in regulation 28 by deleting the words “ninety thousand dollars” and substituting the words “the amount prescribed by the Minister under section 55(3C) of the Act”. Passed in the House of Representatives this 6th day of December, 2019. Clerk of the House Passed in the Senate this 7th day of December, 2019. Clerk of the Senate PRINTED BY THE GOVERNMENT PRINTER, CARONI REPUBLIC OF TRINIDAD AND TOBAGO—2019 4 No. 22 Miscellaneous Provisions (Proceeds of Crime 2019 and Central Bank)