Solomon Islands Sessional Legislation
THE MONEY LAUNDERING AND PROCEEDS OF CRIME (AMENDMENT) ACT 2004
(NO.7 OF 2004)
Passed by the National Parliament this first day of December 2004.
This printed impression has been carefully compared by me to be a true and correct copy of the said Bill.
Taeasi Sanga (Mrs)
Clerk to National Parliament
Assented to in her Majesty's name and on Her Majesty's behalf this twelfth day of January 2005.
Nathaniel Rahumaea Waena
Date of commencement: date of publication in the Gazette
AN ACT TO AMEND THE MONEY LAUNDERING AND PROCEEDS OF CRIME ACT 2002
ENACTED by the National Parliament of Solomon Islands.
1. This Act may be cited as the Money Laundering and Proceeds of Crime (Amendment) Act, 2004.
Amendment of section 1 of Act No. 5 of 2002
2. Section 1 of the Money Laundering and Proceeds of Crime Act (hereinafter referred to as the "principal Act") is hereby amended as follows:
(a) by renumbering that section as subsection (1) thereof, and
(b) by inserting next after the subsection so renumbered the following as subsection (2) -
"(2) Notwithstanding the provisions of subsection (1), as renumbered, different dates may be appointed for different provisions and different purposes."
Insertion of new section 11A
3. The principal Act is hereby amended by inserting next after section 11 the following as section 11A -
"Delegation of functions
11A. (1) Subject to this section, the Commission may, by instrument in writing delegate to the Financial Intelligence Unit, all or any of the functions, the Commission is required to perform under this Act.
(2) A delegation under subsection (1), shall be subject to such conditions as are specified in the instrument of delegation.
(3) A function delegated under subsection (1), shall be exercised and performed in accordance with the instrument of delegation and is revocable at will by the Commission. Central Bank for the purpose of assisting the Commission."
(4) In this section "Financial Intelligence Unit" means a Unit established within the Central Bank for the purpose of assisting the Commission in the performance of its functions".