48 Obligation to report suspicious activities

(1) (a) Where a reporting entity has—
(i) reasonable grounds to suspect that any activity, or transaction may be related to the commission of criminal conduct including an offence of money laundering or of terrorist financing activities or to money or property that is or represents the benefit of criminal conduct; (Amended by Act 7 of 2021)
(ii) information that may be—
(A) relevant to an act preparatory to an offence or to money or property referred to in paragraph (a)(i);
(B) relevant to an investigation or prosecution of a person for an offence referred to in paragraph (a)(i); or
(C) of assistance in the enforcement of this Act or the Proceeds of Crime (Civil Confiscation) Act, the reporting entity shall submit a suspicious transaction report to the FIU within two business days of ascertaining the reasonable grounds, forming the suspicion or receiving the information.
(b) The FIU shall acknowledge receipt of the suspicious transaction report within 24 hours of its receipt.
(2) (a) A report under this section shall—
(i) be in writing and may be given by way of telephone to be followed up in writing, mail, fax or electronic mail or such other manner as may be prescribed;
(ii) be in such form and contain such details as may be prescribed;
(iii) contain a statement of the grounds on which the reporting entity has reasonable grounds, holds the suspicion or receives the information; and
(iv) be signed or otherwise authenticated by the reporting entity.
(b) A person shall not commit an offence under this section or under section 3 of this Act if the person complies with the directions of the FIU or order of the Court where—

(i) a suspicious transaction report is made in relation to property;
or
(ii) the person is informed by the FIU in writing or verbally and confirmed in writing within 24 hours, that property in his or her possession or control is suspected to be the benefit from criminal conduct.
(3) A reporting entity that has made a suspicious transaction report shall give the FIU or the law enforcement agency that is carrying out an investigation arising from, or relating to, the information contained in the report, any further information that it has about the transaction or about the parties to the transaction, if requested to do so by the FIU or the law enforcement agency.
(4) For the purposes of this section “transaction” includes an attempted transaction, regardless of the amount of the transaction.
(5) If any compliance officer fails to submit a report under subsection (1), commits an offence, and is liable on conviction to imprisonment for a term not exceeding 3 years or a fine not exceeding SCR 400,000, or to both.
(6) If any person obstructs or prevents a compliance officer from executing his responsibility under subsection (1), commits an offence, and is liable on conviction to imprisonment for a term not exceeding 3 years or a fine not exceeding SCR 400,000, or to both.