Section 5Part 2 — Directions
Conditions for giving a direction
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The conditions referred to in section 3(1) with respect to a country are that —
the Financial Action Task Force, or such other international or inter-governmental organisation has advised that measures should be taken in relation to the country because of the risks of proliferation activities being carried on —
in the country;
by the government of the country; or
by persons resident or incorporated in the country;
the Financial Reporting Authority reasonably believes that there is a risk that proliferation activities are being carried on —
in the country;
by the government of the country; or
by persons resident or incorporated in the country, and that this poses a significant risk to the interests of the Islands or the United Kingdom;
the Financial Reporting Authority reasonably believes that —
the development or production of nuclear, radiological, biological or chemical weapons in the country or systems for their delivery; or
the doing in the country of anything that facilitates the development or production of any of the weapons referred to in subparagraph (i), poses a significant risk to the interests of the Islands or the United Kingdom.
For the purposes of subsection (1)(b) and (c), the question as to whether or not an activity mentioned in that subsection constitutes a significant risk to the Islands or the United Kingdom is a matter to be determined by the Financial Reporting Authority acting on the directions of the Governor.
The Financial Reporting Authority shall, in accordance with subsection (4), publish a list of any persons or countries to whom directions shall apply and shall disseminate such list in such media as it considers appropriate.
The Cabinet may make regulations prescribing the matters of which the Financial Reporting Authority must be satisfied before listing a person under subsection (3).
In addition to publishing a list under subsection (3), the Financial Reporting Authority shall provide such list to the Monetary Authority and the department in Government charged with the responsibility for monitoring compliance with anti-money laundering and combating the financing of terrorism measures for designated non-financial businesses and professions.
The Financial Reporting Authority may, in accordance with regulations, revoke a listing if the Financial Reporting Authority is satisfied that the conditions in subsection (1) no longer apply.
Defined Terms
Financial Action Task Forceproliferation activitiesFinancial Reporting Authoritysignificant risk