Prevention of Money Laundering Act (Cap. 373), article 13

13. (1) The Minister may make rules or regulations to provide for criminal punishments, administrative penalties and other measures that may be imposed in respect of any contravention, breach or failure to comply with any rules, regulations or directives made under this Act: Provided that: (a) criminal punishments so imposed shall not exceed a fine ( multa ) of one million euro (€1,000,000) or imprisonment for a term not exceeding five years, or both such fine and imprisonment as set out in the rules or regulations concerned; and (b) administrative penalties so imposed shall not exceed: (i) five million euro (€5,000,000); or (ii) twice the amount of the benefit derived from the contravention, breach or f ailure to comply, where this can be determined; or (iii) ten per centum (10%) of the total annual turnover according to the latest approved available financial statements. (2) The administrative penalties referred to under sub-article (1) shall be imposed by the Unit in accordance with policies an d procedures established by the Board of Governors referred to in article 18, from time to time. (3) The Unit may, in cross-border cases, co-operate with any foreign national or supranational body, authority or agency whi ch it considers to have functions equivalent or analogous to those mentioned in article 26(1), to co-ordinate the imposition of administrative penalties or other measures. (4) Where an administrative penalty or other measure, as provided for in this article, is imposed in respect of a subjec t person carrying out relevant financial business, as defined und er regulations in force from time to time under this Act, the Unit shall notify the relevant European Supervisory Authority of the actio n taken and, where applicable, the European Supervisory Authority shall also be notified of any pending appeal and the outcome thereof. (5) For the purposes of this article and articles 13A and 13B the term "subject person" has the same meaning assigned to it b y PREVENTION OF MONEY LAUNDERING [CAP. 373. 17 article 14 of this Act. Appeals from administrative penalties. Added by: III. 2015.9. Substituted by: XXVIII. 2017.7. Amended by: I.2020.3.