Regulatory Alerts2019-12-07 | 24057Added · Updated
Miscellaneous Provisions (Proceeds of Crime and Central Bank) Act, 2019
The Act inserts Section 27A into the Central Bank Act, empowering the Minister to direct the cancellation of specific banknotes with fourteen days' notice and requiring the Bank to redeem them at face value before and within three months after the appointed date. It amends Section 55(3C) of the Proceeds of Crime Act by deleting the fixed threshold of ninety thousand dollars. Consequently, the Financial Obligations Regulations are updated to replace all references to ninety thousand dollars with the amount prescribed by the Minister under the amended Proceeds of Crime Act.
Topics
monetary
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