Page 43 - FIC ANTI MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING LEGISLATION

Chapter 3 I FIC Act
(a) identified pursuant to a resolution of the Security Council of the United Nations contemplated in section 26A(1) ; or
(b) acting on behalf of or at the direction of a person or entity contemplated in paragraph (a).
(3) No person who knows or ought reasonably to have known or suspected that property is property referred to in subsection (1), may enter into, or become concerned in, an arrangement which in any way has or is likely to have the effect of–
(a) making it possible for a person or an entity identified pursuant to a resolution of the Security Council of the United Nations contemplated in section 26A(1) to retain or control the property;
(b) converting the property;
(c) concealing or disguising the nature, source, location, disposition or movement of the property, the ownership thereof or any interest anyone may have therein;
(d) removing the property from a jurisdiction; or
(e) transferring the property to a nominee.
26C. Permitted financial services and dealing with property
(1) The Minister may, in writing and on the conditions as he or she considers appropriate and in accordance with a resolution of the Security Council of the United Nations contemplated in section 26A(1), permit a person to conduct financial services or deal with property referred to in section 26B in the circumstances referred to in subsection (2).
(2) The Minister may permit the provision of financial services or the dealing with property if it is necessary to–
(a) provide for basic expenses, including, at least–
(i) foodstuffs;
(ii) rent or mortgage;
(iii) medicines or medical treatment;
(iv) taxes;
(v) insurance premiums;
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