Section 10
Amendment of section 86
of Money Services Business (Amendment) Act 2024
Section 86 of the principal Act is amended by inserting after subsection (2) the following subsection:
“(3) For the purposes of paragraph (1)(c)—
(a)
“criminal conspiracy” has the same meaning assigned to it in section 120a of the Penal Code; and
(b)
“abet” has the same meaning assigned to it in section 107 of the Penal Code.
ILLUSTRATIONS
(a)
A, an employer, who knows B is not a licensee under this
Act invites B to provide remittance business services for
A’s employees. A abets the commission of an offence committed by B to carry out remittance business without a licence under this Act.
(b)
A, a remittance system provider, who knows B is not a licensee under this Act, continues to provide B with a system or application that supports B’s remittance business activity.
A abets the commission of an offence committed by B to carry out remittance business without a licence under this Act.
(c)
A, a landlord, who knows B is not a licensee under this Act, continues to rent out the premises to B although the Bank has informed A that B is carrying on currency exchange business without a licence. A abets the commission of an offence committed by B to carry out currency exchange business without a licence under this Act.”.
Money Services Business (Amendment)
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