Laws of Zambia Active 2010Prohibition and Prevention of Money Laundering (Amendment)
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Prohibition and Prevention of Money [No. 44 of 2010 617
Laundering (Amendment)
GOVERNMENT OF ZAMBIA
ACT
No. 44 of 2010
Date of Assent: 24th November, 2010
An Act to amend the Prohibition and Prevention of Money
Laundering Act, 2001.
[29th November, 2010
ENACTED by the Parliament of Zambia.
1. This Act may be cited as the Prohibition and Prevention of Enactment
Money Laundering (Amendment) Act, 2010, and shall be read as Short title
one with the Prohibition and Prevention of Money Laundering Act,
2001, in this Act referred to as the principal Act. Act No. 14 of
2001
2. The principal Act is amended in the long title by the deletion Amendment
of the words "to provide for the disclosure of information on of long title
suspicion of money laundering activities by supervisory authorities
and reporting entities;"
e for the disclosure of information on of long title
suspicion of money laundering activities by supervisory authorities
and reporting entities;"
3. Section two of the principal Act is amended— Amendment
of section 2
(a) by the deletion of the definitions "regulated institution"
and "supervisory authority";
(b) by the deletion of the definition "money laundering" and
the substitution therefor of the following new definition:
"money laundering" means, where a reasonable
inference may be drawn, having regard to the
objective factual circumstances, any activity by a
person—
(a) who knows or has reason to believe that the
property is the proceeds of a crime; or
Copies of this Act can be obtained from the Government Printer,
P.O. Box 30136, 10101 Lusaka. Price K2,000 each.
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618 [No. 44 of 2010 Prohibition and Prevention of Money
Laundering (Amendment)
each.
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618 [No. 44 of 2010 Prohibition and Prevention of Money
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3. Section two of the principal Act is amended— Amendment
of section 2
(a) by the deletion of the definitions "regulated institution"
and "supervisory authority";
(b) by the deletion of the definition "money laundering" and
the substitution therefor of the following new definition:
"money laundering" means, where a reasonable
inference may be drawn, having regard to the
objective factual circumstances, any activity by a
person—
(a) who knows or has reason to believe that the
property is the proceeds of a crime; or
Copies of this Act can be obtained from the Government Printer,
P.O. Box 30136, 10101 Lusaka. Price K2,000 each.
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618 [No. 44 of 2010 Prohibition and Prevention of Money
Laundering (Amendment)
each.
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618 [No. 44 of 2010 Prohibition and Prevention of Money
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(b) without reasonable excuse, fails to take reasonable steps
to ascertain whether or not the property is proceeds of
a crime;
where the person—
(i) engages, directly or indirectly, in a transaction
that involves proceeds of a crime;
(ii) acquires, receives, possesses, disguises, transfers,
converts, exchanges, carries, disposes, uses,
removes from or brings into Zambia proceeds
of a crime; or
(iii) conceals, disguises or impedes the establishment
of the true nature, origin, location, movement,
disposition, title of, rights with respect to, or
ownership of, proceeds of crime”;
(c) by the deletion of the definition “proceeds of crime” and
the substitution therefor of the following new definition:
“proceeds of crime” means property or benefit that
is—
“(a) wholly or partly derived or realised directly
or indirectly, by any person from the
commission of a crime;”
(b) wholly or partly derived or realised from a
disposal or other dealing with proceeds
of a crime;
(c) wholly or partly acquired proceeds of a
crime;
and includes, on a proportional basis, property into
which any property derived or realised directly from
the illegal activity is later converted, transformed
or intermingled, and any income, capital or other
economic gains derived or realised from the
property at any time after the crime; or
(d) any property that is derived or realised,
directly or indirectly, by any person from
any act or omission that occurred outside
Zambia and would, if the act or omission
had occurred in Zambia, have constituted
a crime;
act or omission
had occurred in Zambia, have constituted
a crime;
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Prohibition and Prevention of Money [No. 44 of 2010 619
Laundering (Amendment)
(d) by the deletion of the definition "property" and the
substitution therefor of the following new definition:
"property" includes any real or personal property,
money, things in action or other intangible or
incorporeal property, whether located in Zambia
or elsewhere, and includes property of
corresponding value in the absence of the original
illegally acquired property whose value has been
determined; and
(e) by the insertion, in the appropriate places, of the following
new definitions:
"Centre" means the Financial Intelligence Centre
established under the Financial Intelligence Centre
Act, 2010;
"crime" means an act or omission which constitutes
an offence under any written law in Zambia or
any other country; and
"reporting entity" has the meaning assigned to it in
the Financial Intelligence Centre Act, 2010;.
law in Zambia or
any other country; and
"reporting entity" has the meaning assigned to it in
the Financial Intelligence Centre Act, 2010;.
4. Section six of the principal Act is amended in subsection
(1)—
(a) by the deletion of paragraph (a) and the substitution
therefor of the following new paragraph:
(a) to investigate financial and other business
transactions suspected to be part of money
laundering offences;
(b) by the insertion of the word "and" at the end of paragraph
(c);
(c) by the deletion of paragraphs (d) and (e); and
(d) by the re-numbering of paragraph (f) as paragraph (d).
5. The principal Act is amended by the repeal of Part V and
the substitution therefor of the following new Part:
PART V
PREVENTION OF MONEY LAUNDERING
12. (1) A person who knows or has reason to suspect that—
(a) an authorised officer has commenced, or is about to
commence, an investigation under this Act and
unlawfully or recklessly discloses to any other person
information or any other matter which is likely to
Act No. 46
of 2010
Act No. 46
of 2010
Amendment
of section 6
Repeal and
replacement
of Part V
Prohibition
of tipping
off
atter which is likely to
Act No. 46
of 2010
Act No. 46
of 2010
Amendment
of section 6
Repeal and
replacement
of Part V
Prohibition
of tipping
off
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Laundering (Amendment)
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620 [No. 44 of 2010 Prohibition and Prevention of Money
Laundering (Amendment) prejudice that investigation or proposed investigation;
or
(b) a disclosure has been made to an authorised officer
under this Act, and unlawfully discloses to any other
person information or any other matter which is likely
to prejudice an investigation or proposed investigation
following the disclosure;
commits an offence and is liable, upon conviction, to a fine not
exceeding five hundred thousand penalty units or to imprisonment
for a period not exceeding five years, or to both.
exceeding five hundred thousand penalty units or to imprisonment
for a period not exceeding five years, or to both.
(2) Notwithstanding subsection (1), a legal practitioner may
make a disclosure in the course of the legal practitioner’s
professional duty—
(a) to the legal practitioner’s client or the client’s
representative in connection with the giving of advice
to the client; or
(b) to any person in contemplation of, or connection with
and for the purpose of, any legal proceedings. (3) Subsection (2) does not apply in relation to any information
or other matter which is disclosed with a view to furthering any
illegal purpose.
ny information
or other matter which is disclosed with a view to furthering any
illegal purpose.
Investigation 13. The Unit shall, where it receives a suspicious transaction
of suspicious report from the Centre in accordance with the Financial Intelligence
transaction Centre Act, 2010, cause an investigation to be conducted where it
reports from has reason to suspect that a person has committed or is about to
Centre commit an offence under Part IV.
Act No. of
2010
Protected 14. A disclosure made by a person in compliance with this
disclosures Act shall be a protected disclosure for the purposes of the Public
Act No. 4 of Interest Disclosure (Protection of Whistleblowers) Act, 2010.
2010
t shall be a protected disclosure for the purposes of the Public
Act No. 4 of Interest Disclosure (Protection of Whistleblowers) Act, 2010.
2010
Repeal and 6. The principal Act is amended by the repeal of section twenty
replacement -nine and the substitution therefor of the following:
of section 29
Jurisdiction 29. (1) This Act shall have effect within as well as
outside Zambia and notwithstanding where any
offence is committed by any person, that person
may be dealt with in respect of such offence
as if it has been committed within Zambia.
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Prohibition and Prevention of Money [No. 44 of 2010 621
Laundering (Amendment) Bill
(2) Any proceedings against any person under this
section which would be a bar to subsequent
proceedings against such person for the same
offence, if such offence had been committed in
Zambia, shall be a bar to further proceedings
against that person under any written law for
the time being in force relating to the extradition
of persons, in respect of the same offence
outside Zambia.Have questions about this law?
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