Cap. 233 Art. 11Offences.

(1) Any person who, after having registered any eligible assets in terms of and within the period as may be established in any scheme as may from time to time be made by the Minister, would, but for the provisions of this subarticle, have contravened any restriction, prohibition or requirement under article 39(1) of the Exchange Control Act as in force on the 1st July, 2003, or such other law as the Minister may prescribe, shall be deemed not to have committed an offence under the said article 39 or other law as prescribed with regard to the eligible assets so registered or monies or other assets represented by such eligible assets so registered.

(2) The Minister may, by regulations under this subarticle, make schemes for the registration of eligible assets and upon the registration of such eligible assets in accordance with such scheme, the provisions of subarticle (1) shall apply and the eligible assets so registered may continue to be retained as prior to the date of registration without the need to obtain such permits or to comply with such requirements under this or any other law as may be prescribed.

(3) (a) Any scheme made by the Minister in accordance with subarticle (2) may impose such conditions as may appear to the Minister to the appropriate and may, without prejudice to the generality of the foregoing, include -

(i) the payment of such fee as may be established in the scheme not being a fee more onerous than the tax that would otherwise be payable under the relevant laws;

(ii) the manner in which such fee shall be paid and recorded;

(iii) the manner in which registration shall be made and recorded; and

(iv) such circumstances under which any asset may not be registered.

(b) For the purposes of paragraph (a), the term "relevant laws" has the same meaning assigned to it in article 9B of the Income Tax Act.