Cap. 373 · Prevention Of Money Laundering Act (Cap. 373)
Cap. 373 Art. 13Punishments, penalties and other measures.
PART I
(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 failure to comply, where this can be determined; or
(iii) ten (10%) of the total annual turnover per centum 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 and 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 which 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 subject person carrying out relevant financial business, as defined under regulations in force from time to time under this Act, the Unit shall notify the relevant European Supervisory Authority of the action 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 by article 14 of this Act.