Prevention of Money Laundering Act (Cap. 373), article 30C

30C. (1) When the Unit receives a report as is referred to in article 16(1)( a) or when from information in its possession the Unit suspects that any subject person may have been used for any transaction suspected to involve money laundering or funding of terrorism or that property is being held by a subject person th at may have derived directly or indirectly from, or constitutes the pr oceeds of, criminal activity or from an act or acts of participation i n criminal activity, the Unit may require the subject person to monitor for a specified period the transactions or banking operations being carried out through one or more accounts in th e name of any person suspected of the said offences, or through o ne or more accounts suspected to have been used in the commission of any of the said offences or which could provide information abo ut the offences or the circumstances thereof, whether before, duri ng or after the commission of the offences, including any such accoun ts in the name of legal persons. The subject person shall communic ate to the Unit the information resulting from the monitoring and t he Unit may use that information for the purpose of carrying out i ts analysis and reporting functions under this Act. (2) Where a monitoring order has been made or applied for, whosoever, knowing or suspecting that the analysis is taking pl ace, discloses that an analysis is being undertaken or makes any oth er disclosures likely to prejudice the said analysis shall be guil ty of an offence and shall, on conviction, be liable to a fine ( multa ) not exceeding eleven thousand and six hundred and forty six euro an d eighty-seven cents (11 ,646.87) or to imprisonment not exceeding twelve months, or to both su ch fine and imprisonment: Provided that in proceedings for an offence under this sub- article, it shall be a defence fo r the accused to prove that he did not know or suspect that the disclosu re was likely to prejudice the analysis. (3) The provisions of article 30(2) shall mutatis mutandis apply where any information is demanded by the Unit under this articl e. Power of Unit to issue directives. Added by: III. 2015.18. Renumbered by: I.2020.14.