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{
    "id": 321555,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/321555/?format=api",
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    "content": "instruments. The current definition of “monetary instruments” in the Act has been found to be deficient. It does not include other forms of monetary instruments other than coins and paper money. The proposed definition is, therefore, more comprehensive. Mr. Deputy Speaker, Sir, Clause 3 seeks to extend the application of the offence of money laundering to persons who commit predicate offences that is self money laundering. Clause 4 seeks to ensure that the tipping provision is in line with international best practices. The Act makes it an offence for a person to tip off or disclose to a person who is subject of an investigation of possible offence of money laundering. Mr. Deputy Speaker, Sir, Clause 5 seeks to introduce a provision to enable the designated competent authorities to obtain further information from the carrier of monetary instruments with regard to the origin of the currency or bearer of negotiable instruments and their intended use upon discovery of a false declaration or disclosure of currency or bearer of negotiable instruments or a failure to declare or disclose them. It hopes to introduce a requirement for information on the amount of currency or bearer of negotiable instruments declared under Section 2 of the Act or otherwise detected and the identification data of the bearer to be retained for use by the competent authorities. Currently, the Act does not specify what should happen in case a false declaration is discovered by an authorized officer at the entry or exit points in our airports or borders. The proposed amendment, therefore, provides for action to be taken after the self declaration is discovered to be false. Mr. Deputy Speaker, Sir, Clause 6 seeks to streamline the law by placing the violations of reporting obligations under Sections 44, 45 and 46 in the proper place. This is basically a cleanup exercise. Clause 7 makes it clear that the provisions of the Act shall only override any obligation as to secrecy or other decisions or disclosure of information with regard to money laundering and not for any other matter. This is to ensure that nobody takes advantage of the provisions of the Act to seek for information which is not related to money laundering. We must protect our privacy as much as possible. Mr. Deputy Speaker, Sir, Clause 8 seeks to provide the financial reporting centre with adequate power to compel production or access to records, documents or information relevant to the monetary compliance outside the scope of onsite inspection. Currently, the financial reporting centre does not have the power to call for such information. Clause 9 seeks to separate the obligations for financial institutions to pay special attention to complex, large and unusual transactions and to report suspicious transaction obligations under Section 44 of the Act, and to create specific separate sections for each. This will assist both the authorities and the reporting institutions to effectively implement the specific provision of the Act in a manner consistent with the international best practice. Mr. Deputy Speaker, Sir, lastly, Clause 10 seeks to empower the financial reporting centre to require the retention of records by a reporting institution for a longer period than what is specified. I intend to propose a few other amendments to the Act at the Committee Stage and this had been agreed upon by the Committee. The additional amendments required are going to complement these amendments. I have dealt extensively with the Bill so that we can move forward."
}