Section 137Part 2 — The Financial Reporting Authority
Failure to disclose: nominated officers
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A nominated officer commits an offence if —
that person knows or suspects or has reasonable grounds for knowing or suspecting that another person is engaged in a criminal conduct;
the information or other matter on which that person’s knowledge or suspicion is based, or which gives reasonable gr ounds for such knowledge or suspicion, came to that person either in the course of business in the regulated sector or in consequence of a disclosure made under section 136 ;
that person does not make the required disclosure to the Financial Reporting Authority as soon as is practicable after the information or other matter mentioned in paragraph (b) comes to that pers on ; and
the required disclosure is a disclosure of —
the identity of the other person mentioned in paragraph (a) if that person knows it;
the whereabouts of the property with respect to which the criminal conduct was committed, so far as that person knows it; and
the information or other matter mentioned in paragraph (b), or prescribed under section 201 for purpo ses of this section.
But that person does not commit an offence under this section if —
that person has a reasonable excuse for not making the required disclosure;
that person falls within the exception (relating to professional grounds) set out in section 136 ;
that person has not been provided by that person’s employer with such training as is specified by the Cabinet by order for the purposes of this section.
Nor does a person commit an offence under this section if —
that person knows, or believes on reasonable g rounds, that the criminal conduct is occurring in a particular country or territory outside the Islands, and
the criminal conduct —
is not unlawful under the criminal law applying in that country or territory, and
is not of a description presc ribed in an order made by the Attorney General.
In deciding whether a person committed an offence under this section the court shall consider whether that person followed any relevant guidance which was at the material time —
issued by the Monetary Authority or by any other public body or self - regulatory body to wh ich the Cabinet has assigned the responsibility of monitoring compliance with money laundering regulations under section 4(9); and
published in a manner approved by the Monetary Authority or by any other public body or self - regulatory body to w hich the Cabinet has assigned the responsibility of monitoring compliance with anti - money laundering regulations under section 4(9) as appropriate in its opinion to bring the guidance to the atten tion of persons likely to be affected by it.
Repealed by section 8(c) of the Proceeds of Crime (Amendment) Law, 2017 [ Law 49 of 2017 ] .