Section 138

The relevant regulatory or supervisory authority may issue such directions and guidelines to any person or any class of person under their regulation or supervision as they consider necessary in order to discharge or facilitate the discharge of any obligation by virtue of a resolution or decision of the United Nations Security Council.

Any person or any member of a class of person to whom a direction or guideline has been issued shall comply with it notwithstanding any other duty imposed on him by any written law, rule of law or contract; and in carrying out any act in compliance with that direction or guideline he shall not be treated as being in breach of any such written law, contract or rules of professional conduct.

No person or any class of person shall disclose any direction or guideline issued to him if the relevant regulatory or supervisory authority has notified him that they are of the opinion that any such disclosure would be against the public interest.

Any person or any member of a class of person who fails or refuses to comply with a direction or guideline issued to him, or who discloses a direction or guideline issued to him in contravention of subsection (3), is guilty of an offence and liable on conviction to a fine not exceeding $20,000.

The relevant regulatory or supervisory authority shall report to the Minister on the action taken under this section every 6 months or as the Minister may require.

General offence.