Money Laundering (Prevention) Act, 2001
Act 12 of 2001
- Published in Government Gazette 774 on 15 November 2001
- Assented to on 13 November 2001
- Commenced on 1 December 2001
- [This is the version of this document from 15 November 2001.]
Part I – Preliminary
1. Short title and commencementThis Act may be cited as the Money Laundering (Prevention) Act, 2001 and shall come into force on such date as the Minister may, by notice in the Gazette, determine.
2. InterpretationIn this Act, unless the context otherwise requires—“accountable institution” means any person whose regular occupation or business is, for the account of that person, the carrying on of—(a)any activity listed in the First Schedule to this Act; or(b)any other activity defined by the Minister by notice published in the Gazette amending the First Schedule to this Act;“business transaction” means any arrangement, including opening an account between two or more persons where the purpose of the arrangement is to facilitate a transaction between the persons concerned and includes any related transaction between any of the persons concerned and another person;“business transaction record” in relation to a business transaction includes—(a)the identification of all the persons party to that transaction;(b)a description of that transaction which identifies 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 Director of Public Prosecutions and includes any person authorised by him to act on his behalf;“Court” means the High Court;“freezing” means temporarily prohibiting the transfer, conversion, disposition or movement of property or temporarily assuming custody or control of property on the basis of an order issued by a court;“forfeiture” means the permanent deprivation of property by order of a court;“identification record” means—(a)where the person is a corporate body, the details—(i)of the certificate of incorporation, such certificate having been certified by a notary public where the corporate body is incorporated outside of Swaziland;(ii)of the most recent annual return of the corporate body filed at the General Registry, such return having been certified by a notary public where the public body is incorporated outside of Swaziland;(iii)of any officer of the corporation;(b)sufficient documentary evidence to prove to the satisfaction of a financial institution that the person is who that person claims to be;and for accounting purposes “person” includes any person who is a nominee, agent, beneficiary or principal in relation to a business transaction;“instrument” means something that is used in or intended for use in any manner in the commission of a money laundering offence;“Minister” means the Minister responsible for Finance;“money laundering” means—(a)engaging, directly or indirectly, in a transaction that involves property that is the proceeds of crime, knowing or having reasonable grounds for believing the same to be the proceeds of crime; or(b)receiving, possessing, managing, investing, concealing, disguising, disposing of or bringing into Swaziland any property that is the proceeds of crime, knowing or having reasonable grounds for believing the same to be the proceeds of crime;“person” means any entity, natural or juridical, including among others, a corporation, partnership, trust or estate, joint stock company, association, syndicate, joint venture, or other unincorporated organisation or group, capable of acquiring rights or entering into obligations;“prescribed offence” means an offence listed in the Second Schedule to this Act;“proceeds of crime” means any property derived or obtained, directly or indirectly, through the commission of a prescribed offence, whether committed in Swaziland or elsewhere, and shall include any property which is knowingly mingled with property that is so derived or obtained;“property” includes money, investments, holdings, possessions, assets and all other properties whether movable or immovable wherever situate;“Supervisory Authority” means the Governor of the Central Bank of Swaziland, or any person acting in that capacity.
Part II – Money laundering prohibited
3. Offence of money launderingA person who, after the commencement of this Act, engages in money laundering, commits an offence.
4. Offence committed by a person other than a natural personWhere an offence under section 3 is committed by a person, other than a natural person, who at the time of the commission of the offence, acted in an official capacity for or on behalf of such body of persons, whether as a director, manager, secretary or other similar officer, or was purporting to act in such capacity, that person is liable to punishment for that offence, unless he adduces evidence to show that the offence was committed without his knowledge, consent or connivance.
5. Attempts at money laundering, aiding and abetting, conspiracyAny person who attempts or who aids, abets, counsels, or procures the commission of, or who conspires to commit, the offence of money laundering is guilty of an offence.
6. Penalty for money launderingA person who commits an offence under the provisions of sections 3, 4, or 5 of this Act shall be liable and punishable on conviction, to a fine which shall not be less than twenty-five thousand Emalangeni (E25,000.00) or to imprisonment for a term which shall not be less than six (6) years or to both such fine and imprisonment.
8. Falsification, concealment etc., of document
9. JurisdictionNotwithstanding anything to the contrary contained in this Act or in any other law, any offence under this Act may be investigated, and prosecuted in Swaziland regardless of whether or not the offence occurred in Swaziland or in any other country, but without prejudice to extradition where applicable.
Part III – Anti-money laundering supervision
10. The Supervisory AuthorityThe powers of the Supervisory Authority as provided in this Act shall be carried out by the Governor of the Central Bank of Swaziland for that purpose.
11. Powers of the Supervisory Authority
12. Obligations of accountable institutionsAn accountable institution shall—
13. Reporting of suspicious business transactions by accountable institutions
14. Competent Authority’s power to obtain search warrantThe competent authority or any law enforcement authority upon application to a Judge of the High Court and satisfying him that there are reasonable grounds to believe that—
15. Property tracking and monitoring ordersThe Supervisory Authority, competent authority or any law enforcement authority may apply to the court where there are reasonable grounds for believing that a person is committing, has committed or is about to commit a money laundering offence for purposes of obtaining an order—
16. Other measures to avoid money launderingA person who has been convicted of a prescribed offence (whether in Swaziland or elsewhere) or of an offence under this Act may not be eligible or licensed to carry on the business of an accountable institution.
17. Currency reporting when leaving SwazilandA person who leaves Swaziland for a destination outside the common monetary area with more than ten thousand Emalangeni (E10,000.00) in cash (in Swaziland currency) without first having obtained permission from the Supervisory Authority commits an offence under this Act and is liable on conviction to a fine not exceeding twenty thousand Emalangeni (E20,000.00) or to imprisonment not exceeding five (5) years.
Part IV – Freezing and forfeiture of assets in relation to money laundering
18. Restraint order
19. Forfeiture of property, proceeds or instruments
20. Rights of bona fide third parties
21. Limitations on freezing or forfeiture of propertyThe provisions of sections 18 and 19 shall only apply to property coming into the possession or under the control of a person after the coming into force of this Act.
Part V – International co-operation
22. Assistance to foreign countries
Part VI – Miscellaneous
23. Money laundering an offence for extradition purposesMoney laundering is an offence for the purpose of any law relating to extradition or the rendition of fugitive offenders.
24. Secrecy obligation overriddenSubject to the provisions of any banking law, the provisions of this Act shall have effect notwithstanding any obligation as to secrecy or other restriction upon the disclosure of information imposed by any law or otherwise.
25. Amendment of SchedulesThe Minister may, from time to time after approval by Parliament, by notice published in the Gazette, amend the Schedules to this Act.
26. RegulationsThe Minister may make Regulations for the better carrying out of the provisions of this Act and for prescribing anything that needs to be prescribed.
History of this document
01 December 2001
15 November 2001 this version
13 November 2001