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VOLUME: II
FINANCIAL INTELLIGENCE
CHAPTER: 08:07
Part:V Reporting Obligation and Cash Transactions ss 1726

17.     Specified party reporting

            (1) A specified party shall, within such period as may be prescribed, report a suspicious transaction to the Agency.

            (2) Nothing in subsection (1)shall be construed as restricting an attorney from reporting a suspicious transaction of which he or she has acquired knowledge in privileged circumstances if it has been communicated to the attorney with a view to the furtherance of a criminal or fraudulent purpose.

            (3) For purposes of this section, attorney has the same meaning assigned to it under the Legal Practitioners Act.

18.     Cash transactions above prescribed limit

            (1) Notwithstanding the provisions of section 17, a specified party shall, within such period as may be prescribed, report to the Agency, prescribed particulars concerning a transaction concluded with a customer where in terms of the transaction an amount of cash in excess of such amount as may be prescribed-

     (a)     is paid by the specified party to the customer, to a person acting on behalf of the customer or to a person on whose behalf the customer is acting;or

     (b)     is received by the specified party from the customer, from the person acting on behalf of the customer or from a person on whose behalf the customer is acting.

            (2) A specified party that contravenes a provision of this section shall be liable to a fine not exceeding P100 000 as may be imposed by the supervisory authority.

19.     General reporting

            (1) A person who carries on, is in charge of, manages, or is employed by a business, shall report a suspicious transaction to the Agency.

            (2) A person who accepts any payment in cash in excess of such amount as may be prescribed or an equivalent amount in foreign currency shall report such particulars as may be prescribed to the Agency.

            (3) A person who contravenes a provision of this section shall be guilty of an offence and liable to a fine not exceeding P50 000 or to imprisonment to a term not exceeding three years or to both.

20.     Conveyance of cash

            Subject to the Customs and Excise Act, the Botswana Revenue Services Authority shall forward to the Agency records in such form as may be prescribed, of cash in excess of such amount as may be prescribed, conveyed into or out of Botswana.

21.     Electronic transfer of money into or out of Botswana

            (1) A specified party that through electronic transfer, receives into or sends out of Botswana money in excess of the prescribed amount on behalf or on the instruction of a customer or any person,  shall report to the Agency such particulars of the transfer as may be prescribed.

            (2) A specified party that contravenes a provision of subsection (1) shall be liable to a fine not exceeding P1 000 000 as may be imposed by the supervisory authority.

22.     Content of report

            A report made under this Part shall be in such form as may be prescribed and shall include-

     (a)     the identification of the customer and other party to the transaction;

     (b)     the description of the nature of the transaction;

     (c)     the amount of the transaction;

     (d)     circumstances giving rise to the suspicion;

     (e)     the business relationship of the customer to the person making the report;

     (f)      where the customer is an insider, whether such customer is still affiliated with the specified party;

     (g)     any voluntary statement as to the origin, source or destination of the proceeds;

     (h)     the impact of the suspicious transaction on the financial soundness of the specified party;and

     (i)      the names of all the officers, employees or agents dealing with the transaction.

23.     Continuation of transaction

            A specified party or person who makes a report under this Part may continue with or carry out the transaction in respect of which the report has been made unless the Agency directs otherwise.

24.     Interruption of transaction by Agency

            The Agency shall, where it has reasonable grounds to suspect that a transaction may involve the commission of a financial offence,  direct in writing, the specified party or person who made the report,  not to proceed with the transaction for such period not exceeding 10 working days as shall be stated in the notice, in order to allow the Agency-

     (a)     to make the necessary inquiries concerning the transaction;or

     (b)     if the Agency deems it appropriate, to inform and advise an investigatory authority.

25.     Offences relating to reporting

            (1) A specified party that fails to make a report under this Part or continues with a transaction in contravention of section 24 shall be liable-

     (a)     to a fine not exceeding P50 000;

     (b)     to a suspension or revocation of licence or registration as the case may be;or

     (c)     to both penalties prescribed under paragraphs (a) and (b), as may be imposed by the supervisory authority.

            (2) A person that fails to make a report under this Part or continues with a transaction in contravention of section 24 shall be liable to a fine not exceeding P10 000 or to imprisonment for a term not exceeding six months or to both.

            (3) A person involved in reporting under this Part shall not disclose to the person involved in the transaction or to an unauthorised third party that the transaction has been reported to the Agency or that the Agency has requested further information under section 28 (1).

            (4) A person who contravenes subsection (3) shall be guilty of an offence and liable to a fine not exceeding P50 000 or to imprisonment to a term not exceeding three years or to both.

26.     Indemnity of person making report

            (1) No civil or criminal proceedings shall lie against any person for having-

     (a)     reported in good faith, any suspicion he or she may have had,  whether or not the suspicion proves to be well founded following investigation;or

     (b)     supplied any information to the Agency pursuant to a request made under section 28 (1).

            (2) No evidence concerning the identity of a person who has made,  initiated or contributed to a report under this Part or who has furnished additional information concerning the report shall be admissible as evidence in proceedings before a court unless the person testifies at the proceedings.