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FIU>Accountants, Accounting Firms and Chartered Secretaries

Accountants, Accounting Firms and Chartered Secretaries


The following summary of the legislative requirements under the FIAMLA 2002 applies to you if you are an accountant, and accounting firm or a chartered secretary.

Financial Intelligence and Anti-Money Laundering Act 2002

"member of the relevant profession or occupation" -
(a) means an accountant,(…), a chartered secretary, and (…)

PART IV - REPORTING AND OTHER MEASURES TO COMBAT MONEY LAUNDERING

14. Reporting obligations of banks, financial institutions, cash dealers and members of relevant professions or occupations

(1) Every bank, financial institution, cash dealer or member of a relevant profession or occupation shall forthwith make a report to the FIU of any transaction which the bank, financial institution, cash dealer or member of the relevant profession or occupation has reason to believe may be a suspicious transaction.

(2) Nothing in subsection (1) shall be construed as requiring a law practitioner to report any transaction of which he has acquired knowledge in privileged circumstances unless it has been communicated to him with a view to the furtherance of a criminal or fraudulent purpose.

15. Lodging of reports of suspicious transactions

(1) Every report under section 14 shall be lodged with the FIU.
(2) For the purposes of this Part, every report shall be in such form as the FIU may approve and shall include -
(a) the identification of the party or parties to the transaction;
(b) the amount of the transaction, the description of the nature of the transaction and all the circumstances giving rise to the suspicion;
(c) the business relationship of the suspect to the bank, financial institution, cash dealer or member of relevant profession or occupation, as the case may be;
(d) where the suspect is an insider, any information as to whether the suspect is still affiliated with the bank, financial institution, cash dealer, or member of the relevant profession or occupation, as the case may be;
(e) any voluntary statement as to the origin, source or destination of the proceeds;
(f) the impact of the suspicious activity on the financial soundness of the reporting institution or person; and
(g) the names of all the officers, employees or agents dealing with the transaction.

16. Legal consequences of reporting

(1) No person directly or indirectly involved in the reporting of a suspicious transaction under this Part shall inform any person involved in the transaction or to an unauthorised third party that the transaction has been reported or that information has been supplied to the FIU pursuant to a request made under section 13(2).
(2) No proceedings shall lie against any person for having -
(a) reported in good faith under this Part any suspicion he may have had, whether or not the suspicion proves to be well founded following investigation or prosecution or any other judicial action;
(b) supplied any information to the FIU pursuant to a request made under section 13(2).
(3) No officer who receives a report made under this Part shall incur liability for any breach of confidentiality for any disclosure made in compliance with this Act.
(4) For the purposes of this section –
“officer” includes a director, employee, agent or other legal representative;
“unauthorised third party” does not include any of the supervisory authorities.

17. Other measures to combat money laundering Without prejudice to section 3(2), every bank, financial institution, cash dealer or member of the relevant profession or occupation shall -
(a) verify, in such manner as may be prescribed, the true identity of all customers and other persons with whom they conduct transactions;
(b) keep such records, registers and documents as may be required under this Act or by regulations;
(c) upon a Court order, make available such records, registers and documents as may be required by the order; and
(d) put in place appropriate screening procedures to ensure high standards when recruiting employees.

For more information, please refer to the reporting section of this website.