Section 47
(11
Subject to subsection (2), financial institutions, designated non-financial businesses and professions, and their respective directors, principals, officers, partners, professionals and employees, that suspect or have reasonable grounds to suspect that a transaction involving property is related or linked to, or is to be used for, terrorism, terrorist acts, terrorists or terrorist groups or those who finance terrorism shall submit promptly after forming a suspicion a report setting forth the suspicions to the Financial Intelligence Unit. This obligation shall also apply to attempted transactions.
638
lst. AUGUST, 2011
(2)
Notwithstanding subsection (1). advocates and solicitors, notaries, other independent legal professions and accountants are required to submit reports only when-
(a)
they engage, on behalf of or for a client, in a financial transaction associated with an activity specified in relation to such professionals under section 2; and
{b) the relevant information upon which the suspicion is based was not received from or obtained on a client -
(i)
in the course of ascertaining the legal position of their client;
or
(ii)
in performing their task of defending or representing that client in, or concerning judicial, administrative, arbitration or mediation proceedings, including advice on instituting or avoiding proceedings, whether such information is received or obtained before, during or after proceedings.
(3} The Financial Intelligence Unit may order the suspension of a transaction for a period not exceeding 3 business days if it considers necessary by reason of the seriousness or urgency of the case.
(41
The relevant supervisory authorities of designated non-financial businesses and professions shall inform the Financial Intelligence Unit if, in the course of their responsibilities, they discover facts that could be related to terrorist financing.
(5)
The Authority shall issue directions or guidelines on the procedures for and from which the reports shall be submitted and shall publish guidelines in order to assist financial institutions and designated non-financial businesses and professions to fulfill their obligations under this section.
Protection of identity of persons and information relating to suspicious transaction reports.