Anti-Money Laundering and Combating of Terrorist Financing Act, 2012

ISSN 0796 - 0298

[Coat of Arms]
REPUBLIC OF THE GAMBIA

ANTI - MONEY LAUNDERING
AND COMBATING
OF
TERRORIST FINANCING ACT, 2012.

ANTI- MONEY LAUNDERING AND COMBATING OF TERRORIST FINANCING ACT, 2012.

ARRANGEMENT OF SECTIONS

Section

PART I - PRELIMINARY

1. Short title
2. Interpretation

PART II- THE FINANCIAL INTELLIGENCE UNIT

3. Establishment of the Financial Intelligence Unit
4. Objects of the Unit
5. Functions and powers of the Financial Intelligence Unit
6. Governing body of the Financial Intelligence Unit
7. Meetings of the Board
8. Disclosure of interest
9. Allowances
10. Appointment of Director
11. Functions of the Director
12. Appointment of other staff
13. Power to examine
14. Power to Enforce Compliance
15. Immunity
16. Disclosure of information
17. Disclosure to foreign institutions and agencies
18. Agreements and arrangements by the Financial Intelligence Unit

PART III - FINANCIAL PROVISIONS

19. Funds of the Financial Intelligence Unit
20. Estimates, Accounts and audit
21. Annual report and other reports

PART IV- MEASURES TO COMBAT MONEY LAUNDERING AND FINANCING
OF TERRORISM

22. Offence of Money Laundering
23. Offence of Financing of Terrorism
24. Post conviction powers of the court

PART V- OBLIGATIONS TO VERIFY IDENTITY AND KEEP RECORDS

25. Duty to verify identity of customers and transactions
26. Inability to conclude identification of Customer
27. Duty to maintain records
28. Duty to maintain account in true name
29. Requirement for originator information
30. Special monitoring of certain transactions
31. Unauthorised disclosure of suspicious transaction, reports and other information
32. Opening account in fictitious, false or incorrect name

PART VI -OBLIGATION TO REPORT SUSPICIOUS TRANSACTIONS

33. Report of suspicious transactions
34. Prohibition of disclosure of suspicious transaction reports
35. Protection of information and identity of persons in relation to suspicious transaction reports
36. Confidentiality overridden
37. Protection against civil or criminal liability
38. Test of reasonableness of belief
39. Duty to establish preventive measures and internal control procedures
40. Over-the-counter exchange dealing
41. Reporting requirements for designated non financial entities
42. Duties of operators of casinos and gambling establishments
43. Duties of a reporting entity
44. Power to obtain search warrant
45. Power to obtain property tracking and monitoring order
46. Mandatory injunction to enforce compliance.
47. Interference with investigation

PART VII- CURRENCY REPORTING REQUIREMENTS

48. Currency disclosure
49. Seizure of cash or bearer negotiable instruments
50. Retention and release of seized cash or bearer negotiable instruments

PART VIII - RESTRAINT, SEIZURE AND FORFEITURE OF ASSETS IN
RELATION TO MONEY LAUNDERING AND FINANCING OF TERRORISM

51. Restraint of property
52. Service of Restraining Order
53. Registration of Restraining Order
54. Contravention of Restraining Order
55. Extension of Restraining Orders
56. Seizure of property subject to a Restraining Order

57. Forfeiture or confiscation of property
58. Effect of forfeiture or confiscation order
59. Forfeiture or confiscation where a person dies or absconds
60. Voidable transfers
61. Competent Authority to obtain property tracking or monitoring order
62. Offences in relation to property tracking
63. Limitation on forfeiture and confiscation of property
64. Appeals

PART IX - PECUNIARY PENALTY ORDERS

65. Pecuniary Penalty Order on conviction
66. Rules for determining benefit and assessing value
67. Statements relating to benefits from commission of criminal conduct or offence
68. Amount recovered under Pecuniary Penalty Order
69. Variation of Pecuniary Penalty Order
70. Enforcement of Pecuniary Penalty Orders
71. Discharge of Pecuniary Penalty Orders

PART X - MUTUAL ASSISTANCE IN RELATION TO MONEY LAUNDERING
AND FINANCING OF TERRORISM

72. Mutual legal assistance
73. Power to obtain search warrant
74. Property tracking for foreign states
75. Freezing and forfeiture of property in international cooperation
76. Request to be accompanied by evidence order
77. Limitations on compliance with request
78. Request to other States
79. Evidence against a foreign resident
80. Evidence pursuant to request
81. Form of requests
82. Contents of requests
83. Requests for forfeiture
84. Requests not to be invalidated
85. Interference with mutual legal assistance
86. Asset sharing

PART XI -MISCELLANEOUS PROVISIONS

87. Extradition
88. Offence by body of persons
89. Liability of employers and principals
90. Liability of directors, controllers or officers of bodies corporate
91. The National Coordinating Committee

92. Regulations
93. Repeal and savings

ISSN 0796 - 0298
Supplement "C" to The Gambia Gazette No. 18 of 21st August, 2012

Anti-Money Laundering and Combating of Terrorist Financing Act, 2012

[Coat of Arms]
THE GAMBIA
NO. 04 OF 2012

Assented to by The President, this 17th day of August, 2012

[L S]
YAHYA A. J. J. JAMMEH
President

AN ACT to make provision for the prevention of money laundering, financing of terrorism, anti-money laundering supervision, punishment of money laundering and other related offences and for connected matters.

[ 17th August, 2012 ]

ENACTED by the President and the National Assembly.

PART I - PRELIMINARY

1. Short title

This Act may be cited as the Anti- Money laundering and Combating of Terrorist Financing Act, 2012.

Anti-Money Laundering and Combating of Terrorist Financing Act, 2012

2. Interpretation

(1) In this Act, unless the context otherwise requires-

"Attorney-General" means the Attorney-General and Minister for Justice;

"authorised officer" means-

(a) a Police Officer;

(b) an Officer of the National Drugs Enforcement Agency;

(c) a Customs Officer; or

(d) any other authorised officer of The Gambia security services;

"Bank" means the Central Bank of The Gambia;

"bearer negotiable instrument" includes monetary instruments in bearer form such as-

(a) travellers cheques, negotiable instruments, cheques, promissory notes and money orders, that are either in bearer form, endorsed without restriction, made out to a fictitious payee, or otherwise in such form that title thereto passes upon delivery; and

(b) incomplete instruments, including cheques, promissory notes and money orders, signed, but with the payee's name omitted;

"beneficial owner" means

(a) the natural person who ultimately owns or controls a customer or the person on whose behalf a transaction is being conducted; or

(b) a person who exercises ultimate effective control over a legal person or arrangement;

"Board" means the governing body of the Financial Intelligence Unit;

Anti-Money Laundering and Combating of Terrorist Financing Act, 2012

"business relationship" means any arrangement between a person and a reporting entity where the-

(a) purpose or effect of the arrangement is to facilitate an occasional, frequent, habitual or regular course of dealing between the person and the institution; and

(b) total amount of any payment to be made by a person to any other in the course of that arrangement is not known or capable of being ascertained at the time the arrangement is made;

"business transaction record" includes, where relevant to a business transaction-

(a) the identification records of all the parties to that transaction,

(b) a description of that transaction sufficient to identify its purpose and method of execution,

(c) the details of any account used for that transaction, including bank branch and sort code, and

(d) the total value of that transaction;

"Competent Authority" means the-

(a) Attorney-General,

(b) Director General of the National Drug Enforcement Agency,

(c) the Inspector General of Police,

(d) the Governor of the Central Bank of The Gambia, or

(e) any person exercising powers on behalf of the foregoing authorities as provided in this Act;

Anti-Money Laundering and Combating of Terrorist Financing Act, 2012

"Court" means the High Court;

"customer" in relation to a transaction or an account includes-

(a) the person in whose name a transaction or account is arranged, opened or undertaken,

(b) a signatory to a transaction or account,

(c) any person to whom a transaction has been assigned or transferred,

(d) any person who is authorised to conduct a transaction or control an account, or

(e) such other person as may be prescribed;

"conduct" includes initiation, conclusion and participation in the initiation or conclusion of a transaction.

"confiscation" means the permanent deprivation or forfeiture of funds or other assets by order of a competent authority or a court;

"criminal conduct" means-

(a) any crime which is punishable by imprisonment for a period of not less than six months; or

(b) any crime committed outside The Gambia, which if it were committed or done in The Gambia, would constitute an offence referred to in paragraph (a).

"data" means representation in any form of information or concepts;

"document" means any record of information, and includes-

(a) anything on which there is writing,

(b) anything on which there are marks, figures, symbols or perforations having a meaning for persons qualified to interpret them,

(c) anything from which sounds, images or writings can be reproduced with or without the aid of

Anti-Money Laundering and Combating of Terrorist Financing Act, 2012

anything else, or

(d) a map, plan, drawing or photograph;

"financial institution" means any entity which conducts as a business for or on behalf of a customer-

(a) one or more of the activities or operations specified in Part 1 of the First Schedule, or

(b) any other activity specified by the Supervision Authority by Order published in the Gazette.

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

"freezing" means to prohibit the transfer, conversion, disposition or movement of funds or other assets on the basis of and for the duration of the validity of an action initiated by a competent authority or as a result of a court order;

"funds" includes financial assets, property of every kind, whether tangible or intangible, movable or immovable, however acquired, and legal documents or instruments in any form, including electronic or digital, evidencing title to or interest in such funds, including but not limited to bank credits, travellers cheques, bank cheques, money orders, shares, securities, bonds, drafts, or letters of credit, and any interest, dividends or other income on or value accruing from or generated by such funds or other assets;

"Government" means the Government of The Republic of The Gambia;

"identification record" means-

(a) where the person, including a nominee, agent, beneficiary or principal in relation to a business transaction, is a corporate body, the details of-

(i) the certificate of incorporation or the notorised certificate of incorporation, where the corporate body is incorporated abroad,

(ii) the most recent annual return to the Registrar of companies pursuant to the

Anti-Money Laundering and Combating of Terrorist Financing Act, 2012

companies Act, or notorised copies of such returns where the corporate body is incorporated abroad,

(iii) any officer of the corporation as required in this definition, or

(b) sufficient documentary evidence to prove to the satisfaction of a financial institution that the person is who that person claims to be;

"Minister" means the Minister responsible for Finance;

"money laundering" means-

(a) the conversion or transfer of property knowing that such property is the proceeds of crime, for the purpose of concealing or disguising the illicit origin of the proceeds or helping any person who is involved in the commission of the predicate offences to evade the legal consequences of his or her action;

(b) the concealment or disguise of the true nature, source, location, disposition, movement or ownership of rights in respect of property knowing that such property is the proceeds of crime;

(c) the acquisition, possession or use of property knowing that at the time of receipt that such property is the proceeds of crime; or

(d) participation in, association with or conspiracy to commit, aiding and abetting, facilitating or counseling the commission of any of the above offences.

"occasional transaction" means any transaction involving cash that is conducted by any person otherwise than through an account in respect of which the person is the customer;

"originator" means the account holder or where there is no account, the person that places the order with a financial institution to perform a wire transfer;

Anti-Money Laundering and Combating of Terrorist Financing Act, 2012

"person" means any natural or legal person and including a body of persons;

"persons, groups and entities involved in terrorist acts" means-

(a) persons who commit or attempt to commit terrorist acts or who participate in or facilitate the commission of terrorist acts, or

(b) groups and entities owned or controlled directly or indirectly by, acting on behalf of, or under the direction of such persons and associated persons, groups and entities;

"police" means The Gambian Police Force;

"politically-exposed person" means-

(a) a person who is or has been entrusted with a prominent public function domestically or in a foreign country, such as a Head of State or of government, a senior political party official, a senior Government official, judicial or military officer,

(b) a person who is or has been an executive in a foreign country of a state-owned company, or

(c) a person who is or has been a senior political party official in a foreign country, or

(d) any immediate family member or close associate of the persons mentioned in paragraphs (a) to (c);

"predicate offence" means any offence listed in schedule II to this Act;

"proceeds of a crime" means any money or property that is derived, obtained or realised, directly or indirectly, by any person as a result of a criminal conduct;

"production order" means an order requiring a person to produce any document or information in readable form for the purpose of identifying, locating or quantifying the property or identifying or locating such document or information of a

Anti-Money Laundering and Combating of Terrorist Financing Act, 2012

person who has been convicted of the offence of money laundering;

"property" means currency and asset of every kind, whether corporeal or incorporeal, moveable or immovable, tangible or intangible, and legal documents or instruments in any form including electronic or digital, evidencing title to, or interest in such assets, including but not limited to bank credit, travelers cheque, bank cheque, money order, shares, securities, bond, draft, letter of credit, whether situated in The Gambia or elsewhere and includes any legal or equitable interest in any such property;

"record" means any material on which information is recorded or marked and which is capable of being read or understood by a person or by an electronic system or other device;

"reporting entity" means any person who or entity which conducts as a business, for or on behalf of a customer, one or more of the activities or operations specified in-

(a) Part I of Schedule I,

(b) Part II of Schedule I, and

(c) any other activity specified by the Supervisory Authority by Order published in the Gazette;

"requesting state" means any foreign country or State which makes a request for mutual legal assistance;

"self regulatory organisation" means a body that represents a profession, including, lawyers, notaries, other independent professionals or accountants and which-

(a) is made up of member professionals,

(b) has a role in regulating the persons that are qualified to enter and who practice in the profession,

(c) enforces rules to ensure that high ethical and moral standards are maintained by those practising the profession, and

(d) performs certain supervisory or monitoring type functions;

Anti-Money Laundering and Combating of Terrorist Financing Act, 2012

"structured group" means a group that is not randomly formed for the immediate commission of a terrorist act and that does not need to have formally defined roles for its members, continuity of its membership or a developed structure;

"Supervisory Authority" means the Central Bank of The Gambia or any other authority having oversight over a reporting entity;

"terrorist" means a person who-

(a) commits, or attempts to commit, a terrorist act by any means, directly or indirectly, unlawfully and willfully,

(b) participates as an accomplice in or facilitates the commission of a terrorist act or conspires to do so,

(c) organises or directs others to commit terrorist acts, or

(d) contributes to the commission of a terrorist act by a group of persons, acting with a common purpose where the contribution is made intentionally and with the aim of furthering the terrorist act or with the knowledge of the intention of the group to commit a terrorist act;

"terrorist act" means-

(a) an act or omission in or outside The Gambia which constitutes an offence within the scope of the Anti-Terrorism Act or a counter terrorism Convention; [cap 13.01]

(b) an act or threat of action in or outside The Gambia which-

(i) involves serious bodily harm to a person,

(ii) involves serious damage to property,

(iii) endangers a person's life,

Anti-Money Laundering and Combating of Terrorist Financing Act, 2012

(iv) creates a serious risk to the health or safety of the public or a section of the public,

(v) involves the use of firearms or explosives,

(vi) involves releasing into the environment or any part thereof or distributing or exposing the public to any dangerous, hazardous, radioactive or harmful substance, toxic chemical or any microbial or other biological agent or toxin,

(vii) is designed or intended to disrupt any computer system or the provision of services directly related to communications infrastructure, banking or financial services, utilities, transportation or other essential infrastructure,

(viii) is designed or intended to disrupt the provision of essential emergency services such as security of medical services,

(ix) involves prejudice to national security or public safety,

(x) involves participating in the activities of a terrorist group, including by supplying information or material resources, or by funding its activities in any way, with knowledge of the fact that such participation will contribute to the criminal activities of the group, and is intended, or by its nature and context, may reasonably be regarded as being intended to-

(aa) intimidate the public or a section of the public,

(ab) compel a government or an inter- national organisation to do, or refrain from doing any act,

(ac) seriously destablilise or destroy the fundamental political, constitutional, economic or social structures of a

Anti-Money Laundering and Combating of Terrorist Financing Act, 2012

country or an international organisation;

(xi) is made for the purpose of advancing a political, ideological, or religious cause, or

(xii) disrupts any services;

"terrorist group" means a structured group or organisation of more than two persons, established over a period of time and acting in concert to commit terrorist acts;

"terrorist property" means the property of a terrorist or any other property, consisting of funds that is intended to be used to finance or otherwise assist the commission of a terrorist act, or used to finance or otherwise assist the commission of a terrorist act;

"trusts and company service providers" means all persons or businesses which, as a business, provide any or all of the following services to third parties-

(a) acting as formation agents of local persons,

(b) acting as or arranging for another person to act as a director or secretary of a company, a partner of a partnership, or a similar position in relation to other legal persons, or

(c) providing a registered office, business address or accommodation, correspondence or administrative address for a company, a partnership, or any other legal person or arrangement;

"wire transfer" means any transaction carried out on behalf of an originator through a financial institution, including an institution that originates the wire transfer and an intermediary institution that participates in completion of the transfer, by electronic means with a view to making an amount of money available to a beneficiary person at another financial institution.

(2) An act committed in pursuance of a protest, demonstration or stoppage of work is not considered to be a terrorist act within the meaning of this Act if the act is not intended to result

Anti-Money Laundering and Combating of Terrorist Financing Act, 2012

in any act referred to in the definition of "terrorist act".

PART II - THE FINANCIAL INTELLIGENCE UNIT

3. Establishment of the Financial Intelligence Unit

There is established by this Act a body known as the Financial Intelligence Unit.

4. Objects of the Financial Intelligence Unit

The objects of the Financial Intelligence Unit are to-

(a) assist in the identification of proceeds of criminal conduct and the combat of money laundering and terrorist financing activities;

(b) make information available to investigating authorities, the intelligence agencies and the revenue agencies to facilitate the administration and enforcement of the laws of this country; and

(c) exchange information with similar bodies in other countries as regards money laundering, financing of terrorism and other criminal conduct.

5. Functions and powers of the Financial Intelligence
   Unit

To achieve its objects, the Financial Intelligence Unit-

(a) shall receive reports and information provided to it by reporting entities, an agency of another country, the competent authority, a government institution and any other information voluntarily provided to it about suspicion of a criminal conduct, a money laundering activity or the offence of financing of terrorism;

(b) shall collect any information that it considers relevant to a criminal conduct, money laundering activity or financing of terrorism that is publicly available, including commercially available data- bases or information that is collected or maintained, including information that is stored in databases maintained by the government;

Anti-Money Laundering and Combating of Terrorist Financing Act, 2012

(c) shall have the authority to request information from reporting entities, any supervisory agency, self-regulatory organisation and any law enforcement agency for purposes of this Act;

(d) shall analyse and assess all reports and information;

(e) shall carry out examinations of reporting entities;

(f) shall disseminate information derived from reports or other information it receives to the appropriate law enforcement agency, supervisory authority or self-regulatory organisation if on the basis of its analysis and assessment, it has reasonable grounds to suspect that the transaction is suspicious;

(g) shall have the authority to instruct any reporting entity to take such steps as may be appropriate in relation to any information or report received by it, to enforce compliance with this Act or to facilitate any investigation anticipated by it;

(h) shall compile statistics and records and may disseminate information within The Gambia or elsewhere, as well as make recommendations arising out of any information received;

(i) in consultation with supervisory authorities, shall issue guidelines to reporting entities in relation to customer identification, record keeping and, reporting obligations and the identification of suspicious transactions;

(j) may obtain further information on parties or transactions referred to in a report made to it under this Act;

(k) may provide training programs for reporting entities in relation to customer identification, record keeping, reporting obligations and the identification of suspicious transactions;

Anti-Money Laundering and Combating of Terrorist Financing Act, 2012

(l) shall periodically provide feedback to reporting entities and other relevant agencies regarding outcomes relating to the reports or information given under this Act;

(m) shall conduct research into trends and developments in the area of money laundering and financing of terrorism and ways of detecting, preventing and deterring money laundering and the financing of terrorist activities;

(n) shall educate the public and create awareness on matters relating to money laundering and financing of terrorism;

(o) may disclose any report, information derived from such report or any other information it receives to an institution or agency of a foreign state or of an International Organisation with similar powers and duties if on the basis of its analysis and assessment, it has reasonable grounds to suspect that report or information would be relevant to investigating or prosecuting a money laundering offence or a terrorist financing offence; and

(p) may enter into any agreements or arrangements with any Government institution or agency regarding the exchange of information.

6. Governing body of the Financial Intelligence Unit

(1) The Financial Intelligence Unit shall be governed by a Board consisting of -

(a) a representative of the Central Bank, who shall be the Chairperson;

(b) the permanent secretary in the Ministry responsible for Finance;

(c) the permanent secretary in the Ministry responsible for the Interior;

Anti-Money Laundering and Combating of Terrorist Financing Act, 2012

(d) one senior police officer not below the rank of Commissioner appointed by the Minister for the Interior;

(e) the Director of the Financial Intelligence Unit;

(f) the Commissioner General of the Gambia Revenue Authority; and

(g) the Solicitor General and Legal Secretary.

(2) The Board shall formulate and ensure the implementation of policies necessary for the achievement of the objects of the Financial Intelligence Unit.

7. Meetings of the Board

(1) The Board shall meet at least once every six months for the dispatch of business at the times and in the places determined by the Chairperson of the Board.

(2) The Director of the Financial Intelligence Unit shall at the request of not less than three of the members of the Board convene an extraordinary meeting of the Board at the place and time determined by the Chairperson of the Board.

(3) The quorum at a meeting of the Board is three.

(4) The Chairperson of the Board shall preside at meetings of the Board and in his or her absence, a member of the Board elected by the members from among their number shall preside.

(5) Matters before the Board shall be decided by a majority of the members present and voting; and in the event of equality of votes, the person presiding shall have a casting vote.

(6) The Board may co-opt a person to attend a Board meeting but that person shall not vote on a matter for decision at the meeting.

(7) The proceedings of the Board shall not be invalidated by reason of a vacancy among the members or a defect in the appointment or qualification of a member.

Anti-Money Laundering and Combating of Terrorist Financing Act, 2012

(8) Subject to this section, the Board may determine the procedure for its meetings.

8. Disclosure of interest

A member of the Board who has a personal interest in a matter for consideration by the Board shall disclose in writing the nature of that interest and is disqualified from participating in the deliberations of the Board in respect of that matter.

9. Allowances

Members of the Board and members of a committee of the Board shall be paid allowances approved by the Minister.

10. Appointment of Director

(1) The Director of the Financial Intelligence Unit shall be appointed by the President after consultation with the Board and the Public Service Commission.

(2) The Director of the Financial Intelligence Unit shall hold office for a period of five years and is eligible for re- appointment, but shall not be appointed for more than two terms.

(3) The Director shall hold office on the terms and conditions specified in the letter of appointment.

11. Functions of the Director

(1) The Director is responsible for the day to day administration of the Financial Intelligence Unit and is answerable to the Board in the performance of his or her functions under this Act.

(2) The Director may delegate a function to an officer of the Financial Intelligence Unit but the Director shall not be relieved of the ultimate responsibility for the performance of the delegated function.

12. Appointment of other staff

(1) The Board in consultation with the Director, shall appoint other staff of the Financial Intelligence Unit that are necessary for the proper and effective performance of the functions of the Unit.

Anti-Money Laundering and Combating of Terrorist Financing Act, 2012

(2) Other public officers may be transferred or seconded to the Financial Intelligence Unit or may otherwise give assistance to the Unit.

(3) The Financial Intelligence Unit may engage the services of consultants where necessary.

(4) The Director and staff of the Financial Intelligence Unit shall be subject to security screening before assuming office.

13. Power to examine

(1) The Financial Intelligence Unit or any person authorised by it may during or after business hours, enter the premises of a reporting entity in which the Financial Intelligence Unit believes, on reasonable grounds, that there are records relevant to ensuring compliance with this Act in order to-

(a) examine the records and inquire into the business and affairs of the reporting entity;

(b) use or cause to be used any computer system or data processing system in the premises to examine any data contained in or available to the system;

(c) reproduce any record, or cause it to be reproduced from the data, in the form of a printout or other intelligible output and remove the printout or other output for examination or copying; and

(d) use or cause to be used any copying equipment in the premises to make copies of any record.

(2) The owner or person in charge or control of the premises referred to in sub-section (1) and every person found on the premises shall give the Financial Intelligence Unit or any authorised person all reasonable assistance to enable them to carry out their responsibilities and shall furnish them with any information that they may reasonably require with respect to the administration of this Act or the regulations made under it.

Anti-Money Laundering and Combating of Terrorist Financing Act, 2012

(3) The Financial Intelligence Unit may transmit any information derived from such examination to the appropriate domestic or foreign law enforcement authorities, if it has reasonable grounds to believe that the information is suspicious or is relevant to an investigation for non-compliance with this Act, a criminal conduct, a money laundering or financing of terrorism offence.

14. Power to enforce compliance

(1) Officers and employees of a reporting entity shall take all reasonable steps to ensure the compliance by that reporting entity with its obligations under this Act.

(2) The Financial Intelligence Unit may direct any reporting entity that has without reasonable excuse failed to comply in whole or in part with any obligations in this Act, to implement any action plan to ensure compliance with its obligations.

(3) Where a reporting entity fails to comply with a directive under sub-section (2), the Financial Intelligence Unit upon application to Court and satisfying the court that a reporting entity has failed without reasonable excuse to comply in whole or in part with any obligations under this Act may obtain an order to compel any or all of the officers or employees of that reporting entity to comply with such obligation.

(4) In granting the order pursuant to sub-section (3), the court may order that where the reporting entity or any officer or employee of that institution fails without reasonable excuse to comply with all or any of the provisions of that injunction such reporting entity, officer or employee shall pay a fine not exceeding twenty million dalasis.

(5) The Court may in furtherance of sub-section (4)-

(a) order the reporting entity to furnish the Financial Intelligence Unit with regular reports from the entity on the measures it is taking to comply with the directives,

(b) request a supervisory authority or self- regulatory organisation to bar specified individuals from employment within that sector,

Anti-Money Laundering and Combating of Terrorist Financing Act, 2012

(c) replace or restrict the powers of managers, directors, or controlling owners of the reporting entity,

(d) appoint a manager or receiver to manage the reporting entity, or

(e) request the supervisory authority or self- regulatory organisation to suspend or withdraw the license of the reporting entity.

15. Immunity

An action or a legal proceedings shall not be brought against the Director, any officer, employee or agent of the Financial Intelligence Unit or any person acting under the direction of the Director for anything done in good faith in the administration or lawful discharge of any powers, duties or functions under this Act.

16. Disclosure of information

(1) The Director, an officer, employee, agent or other person that may be assigned duties by the Financial Intelligence Unit, shall not disclose any information or matter which he or she obtains or which come to his or her knowledge in the performance of functions or the discharge of duties under this Act except for the-

(a) performance of functions or the discharge of duties of the Financial Intelligence Unit under this Act or when lawfully required to do so by any court;

(b) detection, investigation or prosecution of a criminal conduct, a money laundering offence or an offence of financing of terrorism; or

(c) enforcement of this Act.

(2) Sub-section (1) applies after the persons specified cease to hold office, perform functions or discharge duties under this Act except otherwise provided by this Act or by order of court.

(3) The Director shall not disclose any information that would directly or indirectly identify an individual who provided a report

Anti-Money Laundering and Combating of Terrorist Financing Act, 2012

or information to the Financial Intelligence Unit, or a person or an entity about whom a report or information was provided under this Act.

17. Disclosure to foreign institutions and agencies

(1) The Financial Intelligence Unit may disclose any report or information it obtains or generates under this Act to an institution or agency of a foreign state or an International Organisation with similar powers and duties on such terms and conditions as are set out in the agreement or arrangement between the Financial Intelligence Unit and that foreign state or International Organisation regarding the exchange of such information.

(2) Where such an agreement or arrangement has not been entered into between the Financial Intelligence Unit and that foreign state or International Organisation, such terms and conditions as may be agreed upon shall include the -

(a) restriction on the use of the report or information for purposes relevant to investigating or prosecuting a money laundering offence or the offence of financing of terrorism, or an offence that is substantially similar to either offence; and

(b) stipulation that the report shall be treated in a confidential manner and not be further disclosed without the express consent of the Financial Intelligence Unit.

18. Agreements and arrangements by the Financial
    Intelligence Unit

(1) The Financial Intelligence Unit may enter into an agreement or arrangement in writing with the Government of a foreign state or an International Organisation regarding the exchange of information between the Financial Intelligence Unit and any institution or agency of that state or organisation with similar powers and duties.

(2) Information exchanged under agreements or arrangements entered into pursuant to sub-section (1) shall be information

Anti-Money Laundering and Combating of Terrorist Financing Act, 2012

the Financial Intelligence Unit, or the foreign institution or agency has reasonable grounds to believe would be relevant to the investigation or prosecution of a criminal conduct, a money laundering or a financing of terrorism offence.

(3) Agreements or arrangements entered into under sub-
section (1) or (2) shall include the following-

(a) restriction on the use of information to purposes relevant to the investigation or prosecution of a money laundering offence or an offence of the financing of terrorism, or an offence that is substantially similar to either offence; and

(b) the stipulation that the information be treated in a confidential manner and not be further disclosed without the express consent of the Financial Intelligence Unit.

PART III - FINANCIAL PROVISIONS

19. Funds of the Financial Intelligence Unit

The funds of the Financial Intelligence Unit shall consist of-

(a) moneys appropriated to it by the National Assembly;

(b) donations and grants provided that the terms and conditions attached to any grant or gift are not inconsistent with the functions of the Unit; and

(c) such other sums as may accrue to the Unit from any other lawful source.

20. Estimates, Accounts and audit

(1) The Financial Intelligence Unit shall, not later than three months before the end of each financial year, prepare and submit to the Minister for approval, estimates of the income and expenditure of the Unit for the ensuing year.

(2) The Unit shall keep proper records and books of accounts of its income, expenditure and transfers.

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(3) The Unit shall, within three months of the end of each financial year, prepare and submit its statement of accounts to the Auditor General for audit.

(4) The audited accounts of the Unit and the Auditor General's report on those accounts shall form part of the Auditor General's overall report to the National Assembly.

21. Annual report and other reports

(1) The Financial Intelligence Unit shall, not later than two months after the end of each financial year, submit to the Minister, in respect of the financial year, an annual report on the financial position and performance of the Unit.

(2) The report under sub-section (1) shall include-

(a) a statement on the income, source of income and application to the moneys of the Unit;

(b) information with regard to the operation and performance of the Unit; and

(c) such other information as the Minister may request.

(3) The Minister shall, not later than three months after the end of the financial year, cause the annual report to be laid before the National Assembly.

(4) The Director shall also, from time to time, provide the Minister with such information relating to the affairs of the Unit as the Minister may request.

PART IV - MEASURES TO COMBAT MONEY LAUNDERING
AND FINANCING OF TERRORISM

22. Offence of Money laundering

A person who is involved in money laundering commits an offence and is liable in the case of-

(a) an individual, including a director, employee or agent of a reporting entity, to imprisonment for a term of not less than ten years; or

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(b) a body corporate a fine of not less than ten million dalasis or an order for the revocation of the licence of the corporate body or both.

23. Offence of Financing of Terrorism

A person who directly or indirectly -

(a) provides, whether by giving, lending or otherwise making available, or collects funds or property with the intention that they should be used, or having reasonable grounds to believe that they are to be used, in full or in part, in order to carry out a terrorist act;

(b) organises or directs others to commit, attempts to commit or conspires to commit an offence under this section,

commits the offence of financing of terrorism and is liable in the case of-

(i) an individual, including a director, employee or agent of a reporting entity, to imprisonment for a term of not less than ten years; or

(ii) a body corporate to a fine of not less than ten million dalasis

24. Post conviction powers of the court

(1) After convicting a corporate body, the court may make an order for the revocation of the licence of the corporate body or organisation.

(2) Notwithstanding sub-section (1), a supervisory authority or self regulatory organisation of a corporate body convicted of money laundering or financing of terrorism may initiate civil or administrative proceedings against that corporate body and its employees.

(3) In furtherance of sub-section (2), a supervisory body or self regulatory organisation may revoke the licence or cancel the professional membership of the corporate entity or employee.

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(4) In determining whether a person has committed the offence of money laundering or financing of terrorism, knowledge, intent or purpose required as an element of the offence may be inferred from objective factual circumstances.

(5) Where it is necessary for the purpose of an offence of money laundering or financing of terrorism committed by a body corporate to establish the state of mind of the body corporate, it shall be sufficient to show that a director, officer, employee or agent of the body corporate, acting in the course of employment or agency as the case maybe, had that state of mind.

PART V - OBLIGATION TO VERIFY IDENTITY AND KEEP
RECORDS

25. Duty to verify identity of customers and
    transactions

(1) A reporting entity shall identify, within a reasonable time or before entering into a business relationship with a customer, the identity of the customer using any official or other identifying document and verify the identity of the customer using reliable and independent source documents, data or information or other evidence as is reasonably capable of verifying the identity of the customer when a reporting entity -

(a) enters into a continuing business relationship or conducts any transaction;

(b) carries out an electronic funds transfer;

(c) is suspicious that a money laundering or the financing of terrorism is involved; or

(d) has doubts about the veracity or adequacy of the customer identification and verification document- tation or information it had previously obtained.

(2) Without limiting the generality of sub-section (1), a reporting entity shall-

(a) when establishing a business relationship, obtain information on the intended purpose and nature

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of the business relationship;

(b) if the transaction is conducted by a natural person, adequately identify and verify the person's identity including information relating to-

(i) the person's name, address and occupation, and

(ii) a valid photo bearing national identity card, drivers' licence, passport or other official identification document;

(c) if the transaction is conducted by a legal entity, adequately identify and verify its legal existence and structure, including information relating to-

(i) its certificate of incorporation, address and names of its directors,

(ii) the principal owners, beneficiaries and control structure,

(iii) provisions regulating the power to bind the entity, and

(iv) whether any person purporting to act on behalf of the entity is so authorised;

(d) if the customer is a politically exposed person, adequately identify and verify the customer's identity and -

(i) obtain the approval of the reporting entity's senior management before establishing a business relationship with the customer,

(ii) take reasonable measures to establish the source of any wealth and property involved, and

(iii) conduct regular enhanced monitoring of the business relationship;

(e) if the customer is a casual customer, identify and

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verify him or her -

(i) in the same way as in paragraph (b) for any transaction involving a sum greater than to hundred thousand dalasis, and

(ii) where the transaction is carried out in more than one transaction which seem to be connected and the amount is unknown at the start of the transaction, as soon as the amount is greater than two hundred thousand dalasis.

(3) Where a natural person conducts a transaction through a reporting entity and the reporting entity has reasonable grounds to believe that the person is undertaking the transaction on behalf of a third party, then, in addition to the requirements in sub-sections (1) and (2), the reporting entity shall identify and verify the identity of the third party for whom, or for whose ultimate benefit the transaction is being conducted.

(4) A reporting entity shall take reasonable measures to ascertain the purpose, origin and ultimate destination of any cash transaction which involves more than ten thousand United States dollars or its equivalent in Gambian dalasis..

(5) A reporting entity shall, in relation to its cross-border correspondent banking and other similar relationships-

(a) adequately identify and verify the person with whom it enters into such a business relationship;

(b) gather sufficient information about the nature of the business of the person;

(c) determine from publicly available information the reputation of the person and the quality of supervision to which the person is subject to;

(d) assess the person's anti-money laundering and terrorist financing controls;

(e) obtain approval from senior management before establishing a new correspondent relationship; and

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(f) document the responsibilities of the reporting entity and the person.

(6) Where the relationship is a payable through an account, a reporting entity shall ensure that the person with whom it has established the relationship-

(a) has verified the identity of and performed on- going due diligence on that person's customers that have direct access to accounts of the reporting entity; and

(b) is able to provide the relevant customer identification data upon request to the reporting entity.

(7) Where a reporting entity relies on an intermediary or third party to undertake its obligations under sub-sections (1), (2) or (3) to introduce business to it, it shall-

(a) immediately obtain the information and documents required by sub-sections (1), (2) and (3);

(b) ensure that copies of identification data and other relevant documentation relating to the requirements in sub-sections (1), (2) and (3) will be made available to it from the intermediary or the third party upon request without delay; and

(c) satisfy itself that the third party or intermediary is regulated, supervised and has measures in place to comply with the requirements set out in Part V of this Act.

(7) Sub-sections (1) (2) and (4) do not apply-

(a) if the transaction is of an existing and regular business relationship with a person who has already produced satisfactory evidence of identity unless the reporting entity has reason to suspect that the transaction is suspicious or unusual;

(b) if the transaction is an occasional transaction not exceeding thirty million dalasis, unless the reporting entity has reason to suspect that the

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transaction is suspicious or unusual; or

(c) in such other circumstances as may be prescribed by the Minister.

(8) The Minister may prescribe-

(a) the official identifying document or the reliable and independent sources, data or information or other evidence that is required for identification or verification of any particular customer or class of customers, and

(d) the threshold for, or the circumstances in which, the provisions of this section shall apply in relation to any particular customer or class of customers.

26. Inability to conclude identification of customer

(1) Where a reporting entity is unable to obtain satisfactory evidence of the identity of a customer, the reporting entity shall not establish an account or maintain a business relationship with the customer.

(2) The reporting entity may in furtherance of sub-section (1), make a report of the attempted transaction to the Financial Intelligence Unit in accordance with this Act for further directions.

27. Duty to maintain records

(1) A reporting entity shall establish and maintain records of-

(a) a person's identity obtained in accordance with this Act;

(b) transactions carried out by it and correspondence relating to the transactions as is necessary to enable the transaction to be readily reconstructed at any time by Financial Intelligence Unit or competent authority, and shall contain particulars sufficient to identify the-

(i) nature and date of the transaction,

(ii) type and amount of currency involved,

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(iii) the type and identifying number of any account with the reporting entity involved in the transaction,

(iv) if the transaction involves a negotiable instrument other than currency, the name of the drawer of the instrument, the name of the institution on which it was drawn, the name of the payee (if any), the amount and date of the instrument, the number (if any) of the instrument and details of any endorsements appearing on the instrument,

(v) the name and address of the reporting entity, and of the officer, employee or agent of the reporting entity who prepared the record;

(c) reports made to the Financial Intelligence Unit under this Act; and

(d) enquiries relating to money laundering and financing of terrorism made by it to the Financial Intelligence Unit.

(2) The records mentioned in sub-section (1) shall be kept for a minimum period of five years from the date-

(a) the evidence of a person's identity was obtained;

(b) of any transaction or correspondence;

(c) the account is closed or business relationship ceases, whichever is the later.

(3) The records established and maintained for purposes of sub-section 2 (b) shall be-

(a) sufficient to enable the transaction to be readily reconstructed at any time by the Financial Intelligence Unit or Competent Authority to provide, if necessary, evidence for prosecution of an offence; and

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(b) maintained in a manner and form that will enable the reporting entity to comply immediately with requests for information from the law enforcement agencies or the Financial Intelligence Unit.

(4) Where any record is required to be kept under this Act, a copy of it, with the appropriate back-up and recovery procedures, shall be kept-

(a) in a machine-readable form, if a paper copy can be readily produced from it; or

(b) in an electronic form, if a paper copy can be readily produced from it and in a manner that enables appropriate authentication for example by the electronic signature of the person who keeps the record is retained.

(5) The reporting entity shall make the records maintained under sub-section (1) available to the Financial Intelligence Unit or competent authority upon request for purposes of ensuring compliance with this Act and for purposes of an investigation and prosecution of a criminal conduct.

28. Duty to maintain account in true name

(1) A reporting entity shall maintain an account for or on behalf of a customer, in the true name of the account holder.

(2) A reporting entity shall not open, operate or maintain any anonymous account or any account which is in a fictitious, false or incorrect name.

29. Requirement for originator information

(1) A reporting entity or person that conducts business in The Gambia as a financial institution or a money transfer service provider shall include accurate originator information and other related messages on wire transfers.

(2) Sub-section (1) does not apply to -

(a) a money transfer effected from the use of a credit or debit card as means of payments that results from a transaction carried out using a credit or debit card, provided that the credit or debit card

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number is included in the information accompanying such a transfer; and

(b) transfers and settlements between financial institutions where the originator and beneficiary of the funds transfer are acting on their own behalf.

30. Special monitoring of certain transactions

(1) A reporting entity shall pay special attention to-

(a) complex, unusual or large transactions, any unusual patterns of transactions that have no apparent or visible economic or lawful purpose;

(b) business relations and transactions with persons in jurisdictions that do not have adequate systems in place to prevent or deter money laundering or financing of terrorism; and

(c) wire transfers that do not contain complete originator information.

(2) A reporting entity shall, in relation to sub-section (1)-

(a) examine as far as possible the background and purpose of the transactions or business relations and record its findings in writing; and

(b) upon request, make such findings available to the Financial Intelligence Unit or to a competent authority, to assist the Financial Intelligence Unit or the competent authority in any investigation relating to a criminal conduct, a money laundering offence or an offence of financing of terrorism.

(2) The reporting entity shall monitor its business relationships and the transactions undertaken throughout the course of the relationship to ensure that its obligations under this Act are met and that the transactions conducted are consistent with the information that the reporting entity has of its customer and the profile of the customer's business.

(3) Where the reporting entity has reasonable grounds for believing that the business transaction referred to in sub-

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section (1) could constitute or be related to money laundering
or financing of terrorism, the reporting entity shall promptly report the matter to the Financial Intelligence Unit.

31. Unauthorised disclosure of suspicious transaction
    reports and other information

(1) A person who discloses a fact or information contemplated by this Act otherwise than in the circumstances or for the purposes authorised in that section commits an offence and is liable on conviction to a fine not exceeding ten thousand dalasis or imprisonment not exceeding two years or to both the fine and imprisonment..

(3) A person who with intent to prejudice an investigation of a criminal conduct, money laundering offence or an offence of financing of terrorism or for the purpose of obtaining directly or indirectly an advantage or a pecuniary gain for himself or herself or any other person commits an offence and is liable on conviction to a fine not exceeding ten thousand dalasis or imprisonment not exceeding two years or to both the fine and imprisonment.

32. Opening account in fictitious, false or incorrect name

A person who opens, operates or authorises the opening or the operation of an account with a reporting entity in a fictitious, false or incorrect name commits an offence and is liable on conviction to a fine not exceeding ten thousand dalasis or imprisonment not exceeding two years or to both the fine and imprisonment.

PART VI - OBLIGATION TO REPORT SUSPICIOUS
TRANSACTIONS

33. Report of suspicious transactions

(1) Where a reporting entity, the supervisory authority, a self- regulatory authority or compliance officer has-

(a) reasonable grounds to suspect that any transaction or attempted transaction may be related to the commission of a criminal conduct, a money laundering or financing of terrorism offence;

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(b) information that may be relevant to-

(i) an act preparatory to an offence of the financing of terrorism, or

(ii) an investigation or prosecution of any person or for a criminal conduct, a money laundering or financing of terrorism offence; or may otherwise be of assistance in the enforcement of this Act;

it shall, as soon as practicable after forming that suspicion or receiving the information, but no later than three working days, make a report of the transaction or attempted transaction or the information to the Financial Intelligence Unit.

(2) A report under sub-section (1) shall-

(a) be in writing and may be given by mail or telephone to be followed up by writing, fax or electronic mail or such other manner as may be prescribed by the Financial Intelligence Unit;

(b) be in such form and contain such details as may be prescribed by the Financial Intelligence Unit;

(c) contain a statement of the grounds on which the reporting entity holds the suspicion; and

(d) be signed or otherwise authenticated by the reporting entity.

(3) A reporting entity that has made a report to the Financial Intelligence Unit shall give the Financial Intelligence Unit or Competent Authority that is carrying out an investigation arising from it or relating to the information contained in the report, any further information that it has about the transaction or attempted transaction or the parties to the transaction if requested to do so by the Financial Intelligence Unit.

(4) If the Financial Intelligence Unit, after consulting a reporting entity required to make a report under sub-section (1), has reasonable grounds to suspect that a transaction or a proposed transaction may involve an offence of financing of terrorism, the proceeds of a criminal conduct or a money

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laundering offence, it may direct the reporting entity in writing not to proceed with the carrying out of that transaction or proposed transaction or any other transaction in respect of the funds involved in that transaction or proposed transaction for a period determined by the Financial Intelligence Unit, which shall not be more than ten working days, in order to allow the Unit-

(a) to make necessary inquiries concerning the transaction; and

(b) to inform and advice the competent authority.

(5) Nothing in this section requires a lawyer to disclose a privileged communication.

(6) For the purposes of this section, communication is privileged if it is-

(a) a confidential communication, whether oral or in writing, passing between a lawyer in his or her professional capacity and another lawyer in such capacity;

(b) obtained from a client for the purpose of ascertaining the legal position of the client;

(c) obtained from a client in performing the task of defending or representing that client in judicial, administrative, arbitration or mediation proceedings; or

(d) not made or brought into existence for the purpose committing or furthering the commission of some illegal or wrongful act.

(7) Where the information consists wholly or partly of, or relates wholly or partly to receipts, payments, income, expenditure, or financial transactions of a specified person (whether a lawyer, his or her client, or any other person), it shall not be a privileged communication if it is contained in or comprises the whole or part of, any book, account, statement or other record prepared or kept by the lawyer in connection with a trust account of the lawyer.

34. Prohibition of disclosure of suspicious

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transaction reports

(1) A person shall not disclose-

(a) that a report has been or may be made or further information has been provided to the Financial Intelligence Unit;

(b) that the reporting entity has formed a suspicion in relation to a transaction; or

(c) any other information from which the person to whom the information is disclosed could reasonably be expected to infer that a suspicion has been formed or that a report has been or may be made.

(2) Sub-section (1) does not apply to disclosures made to-

(a) an officer, employee or agent of a reporting entity for any purpose connected with the discharge of his or her duties;

(b) a lawyer for the purpose of obtaining legal advice or representation in relation to the matter; or

(c) a supervisory authority of the reporting entity, for the purposes of carrying out the supervisory authority's functions.

(3) A person referred to in sub-section (2)(b) shall not disclose the information he or she receives except to another person of the kind referred to in that sub-section, for the purpose of-

(a) the discharge of the first-mentioned person's duties; or

(b) obtaining legal advice or representation in relation to the matter.

(4) A person referred to in sub-section 2(c) shall not disclose the information he or she receives except to a person referred to in that sub-section for the purpose of giving legal advice or making representations in relation to the matter.

(5) Subject to this Act, nothing in sub-sections (1) to (4) shall prevent a court from ordering a disclosure of information on the

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application of a Competent Authority and on proof to the satisfaction of the court that the information is rightly required for the purposes of any inquiry or trial into or relating to a criminal conduct or money laundering or financing of terrorism.

(6) A person who discloses information contrary to sub- sections (1) and (4) commits an offence and is liable on conviction to a fine not exceeding ten thousand dalasis or imprisonment not exceeding two years or to both the fine and imprisonment.

35. Protection of information and identity of persons
    in relation to suspicious transaction reports

(1) A person shall not disclose any information that will identify or is likely to identify -

(a) a person who has handled a transaction in respect of which a suspicious transaction report has been made;

(b) a person who has prepared a suspicious transaction report;

(c) a person who has made a suspicious transaction report; or

(d) information contained in a suspicious transaction report or information provided pursuant to this Act,

except for the purposes of investigation or prosecution of a person for a criminal conduct, a money laundering offence or an offence of financing of terrorism or for the enforcement of this Act.

(2) A person shall not be required to disclose any information to which this section applies in any judicial proceedings unless the court is satisfied that the disclosure of the information is necessary in the interest of justice.

36. Confidentiality overridden

Subject to the provisions of the Constitution, the duty of disclosure under this Act shall have effect notwithstanding any obligation as to secrecy or other restriction on the disclosure of information imposed by any other law.

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37. Protection against civil or criminal liability

(1) A reporting entity, its directors, officers, partners or employees who submit reports or provide information in accordance with this Act and in good faith shall not be liable to criminal, civil, disciplinary or administrative proceedings for breach of any restriction on disclosure of information imposed by contract or any legislative, regulatory or administrative provision, regardless of the result of the report.

(2) Sub-section (1) shall not apply in respect of proceedings for a breach of section 33, 34, 35 or 36.

38. Test of reasonableness of belief

In a matter involving the determination of reasonableness of a decision made or action taken under this Act, the court shall determine the matter objectively having regard to the factual and surrounding circumstances of the decision or action.

39. Duty to establish preventive measures and
    internal control procedures

A reporting entity shall-

(a) designate an individual as a compliance officer who shall be responsible for ensuring the reporting entity's compliance with the requirements of this Act;

(b) establish and maintain procedures and systems to-

(i) implement the customer identification requirements under this Act,

(ii) implement record keeping and retention requirements under this Act,

(iii) implement the reporting requirements under this Act,

(iv) make its officers and employees aware of the laws relating to money laundering and financing of terrorism;

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(v) make its officers and employees aware of the procedures, policies and audit systems adopted by it to deter money laundering and financing of terrorism; or

(vi) screen persons before hiring them as employees or assigning them duties under this Act;

(c) train its officers, employees and agents to identify suspicious transactions, trends in money laundering and financing of terrorism activities and money laundering and financing of terrorism risks within reporting entities' products, services and operations;

(d) perform independent audits to test the compliance of its anti-money laundering and financing of terrorism procedures and systems with the Act; and

(e) implement policies and procedures to prevent the misuse of technological developments including those related to electronic means of storing and transferring funds or value.

(2) The compliance officer appointed pursuant to sub-
section (1) shall -

(a) be an officer at senior management level with the relevant qualifications and experience to enable the compliance officer respond sufficiently to matters relating to the reporting entity and the conduct of its business;

(b) be responsible for establishing and maintaining a manual of compliance procedures in relation to the business of the reporting entity as the supervisory authority or the Financial Intelligence Unit may from time to time require;

(c) be responsible for ensuring compliance by staff of the reporting entity with the provisions of this Act and any other law relating to money laundering or financing of terrorism and the provisions of any manual of compliance procedures established pursuant to this section; and

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(d) act as the liaison officer between the reporting entity, the supervisory authority and the Financial Intelligence Unit in matters relating to compliance with the provisions of this Act and any other law or directive relating to money laundering or financing of terrorism.

(3) The compliance officer shall have ready access to all books, records and employees of the reporting entity necessary to fulfill his responsibilities.

(4) For purposes of this Act, an individual who in the course of carrying on business, does not employ or act in association with any other person is the compliance officer for that individual's business.

(5) The duty of a reporting entity to establish compliance measures applies to their foreign branches and subsidiaries located outside their headquarters.

40. Over-the- counter exchange dealings

(1) Subject to sub-section (3), a person whose usual business is to provide over-the-counter exchange transactions services shall-

(a) before the commencement of business, submit a declaration of activity to the Bank and the purpose of obtaining the requisite operating licence, in which he or she shall furnish proof of the lawful origin of the capital required to set up the business;

(b) prior to the conduct of any transaction involving a sum exceeding ten million dalasis or its equivalent in foreign exchange, identify the customer by requiring him to fill up a standard data form and take a copy of his or her valid international passport, driving licence, national identity card or such other official document bearing his or her photograph as may be prescribed; and

(c) record in chronological order, all transactions under this section, indicating each customer's surname, forename, address and the serial number of the official document submitted, in a register numbered and initialed by an officer authorised for that

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purpose by the Bank.

(2) A register kept under sub-section (1) (c) shall be preserved for at least five years after the last transaction recorded therein.

(3) For the purpose of this section, an over-the-counter exchange transaction is constituted by the immediate exchange of bank notes or coin in different currencies or the handing over of cash against settlement by a different means of payment in a different currency.

(4) A person who contravenes sub-section (1) or (2) commits an offence and is liable on conviction to a fine not exceeding ten thousand dalasis or imprisonment not exceeding two years or to both the fine and imprisonment.

41. Reporting requirements for designated non financial
    entities

Where a reporting entity other than a financial institution enters into a transaction with a client, it shall report to the financial intelligence unit if the transaction, in the case of -

(a) a casino, involves an amount equal to or above three thousand United States dollars or its equivalent in Gambian dalasis;

(b) a real estate agent, relates to the buying or selling of real estate for a client under suspicious circumstances;

(c) dealers in precious metals or stones, involves an amount equal to or above fifteen thousand united states dollars or its equivalent in Gambian dalasis;

(d) trust or company service provider, involves preparing or carrying out a transaction on behalf of a client in relation to the following-

(i) acting as a formation agent of legal persons,

(ii) acting as a director or secretary of a company, partner in a partnership or a similar position in relation to other legal persons,

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(iii) providing a registered office, business address or accommodation, correspondence or administrative address for a company, a partnership or any other legal person or arrangement,

(iv) acting or arranging for another person to act as a trustee of an express trust, or

(v) acting or arranging for another to act as a nominee shareholder for another person;

(e) accountants, lawyers, notary publics or other independent legal professionals, relates to-

(i) buying and selling of real estate,

(ii) managing client money,

(iii) managing bank savings or securities accounts,

(iv) the organisation of contributions for the creation, operation or management of companies or the buying and selling of business entities,

(v) acting as or arranging for another person to act as a director or secretary of a company, a partner in a partnership or in a similar position in relation to other legal persons,

(vi) providing a registered business office address or accommodation, or a correspondence or administrative address for a legal person, or

(vii) acting as or arranging for another person to act as a Trustee of an express trust or nominee shareholder for another person.

42. Duty of operators of casinos and gambling
    establishment

(1) The supervisory authority for casinos and gambling establishments shall not issue or renew a licence for the operation of a casino or gambling establishment unless the applicant provides proof of the lawful origin of the capital for

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the intended operation or in the case of a renewal, the origin of its additional capital, if any, to the supervisory authority.

(2) An operator of a casino