14. Amendment of section 12 of the principal enactment

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

Section 12 of the principal enactment is hereby amended as follows: -

(1)

by the repeal of subsection (1) of that section and the substitution therefor, of the following subsection: -

“(1) No civil, criminal or disciplinary proceedings shall lie against-

(a)

an Institution, or a qualified auditor or a supervisory authority of such

Institution; or

“Disclosure not to be prevented in judicial proceedings.

Financial Transactions Reporting

(b)

a director, partner, an officer, employee or agent acting in the course of such person’s employment in, or agency of such

Institution, or acting on behalf of such Institution, qualified auditor or supervisory authority, in relation to any action carried out by such

Institution, qualified auditor or supervisory authority, or a director, partner, an officer, employee or agent of such Institution, qualified auditor or supervisory authority, in terms of this Act in good faith or in compliance with regulations made under this Act or rules or directions issued by the Head of the Financial

Intelligence Unit, in terms of this Act.’’;

(2)

in subsection (2) of that section, by the substitution for the words and the figure “section 8 of this

Act.”, of the words and figures “section 28 of this

Act.”; and

(3)

by the repeal of subsection (3) of that section and the substitution therefor, of the following subsection: -

“(3) If an Institution, a qualified auditor or supervisory authority or any director, partner, officer, employee or agent of such

Institution, qualified auditor or supervisory authority makes a report under the provisions of this Act, such Institution, qualified auditor, supervisory authority, director, partner, officer, employee or agent shall, for the purposes of a prosecution for the offence of money laundering, terrorist financing or financing of proliferation of weapons of mass destruction, be deemed not to have been in possession of such information at any time.”.

Read on from s 15