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{
    "id": 679966,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/679966/?format=api",
    "text_counter": 623,
    "type": "speech",
    "speaker_name": "Hon. A. B. Duale",
    "speaker_title": "",
    "speaker": {
        "id": 15,
        "legal_name": "Aden Bare Duale",
        "slug": "aden-duale"
    },
    "content": "I now seek to highlight the proposed amendments contained in this Proceeds of Crime and Anti-Money Laundering (Amendment) Bill (National Assembly Bill No. 64 of 2015). If you look at the amendment contained in Clause 2, it basically seeks to enhance the Office of the Director of the Financial Reporting Centre. It gives the director a new title of “Director- General”. This is just to distinguish between the office of the director established in this Act as the Chief Executive Officer (CEO) and the person responsible for the development of an efficient and more effective performance driven administration. So, within the Financial Reporting Centre, there are a number of directors. The title of the person at the helm of this institution is the “Director”. To clear that ambiguity, Clause 2 creates a new title of the Director- General. This proposal is merely an operational amendment and it is contained in Clauses 2, 3, 6, 7, 9, 10, 12, 13, 14, 15, 16 and 17. They are mainly dealing with operational matters of the Financial Reporting Centre. The amendment contained in Clause 4 proposes to enhance the Financial Reporting Centre powers to impose civil and monetary penalties or fines to natural persons or corporate bodies which breach or fail to follow or comply with any instructions, directions or rules issued by the centre. So, Clause 4 deals with the penalties that are charged to a person or an institution within the financial sector that defies any instruction, directions or rules which are set up by the centre. Hon. Temporary Deputy Speaker, kindly note that this power is not arbitrary as the centre is bestowed with the responsibility to give not less than seven days’ notice. So, the centre does not have arbitrary powers. The law says the centre should give seven days’ notice in writing to an individual or institution requiring that person or institution to show cause why the prescribed fines or penalties should not be imposed. Hon. Temporary Deputy Speaker, I do not know whether I should continue because I can see time is not on my side. I will continue next time, inshallah ."
}