All provisions · Beneficial Ownership Act (Cap. 251B) · Part III: Accessibility, disclosure and confidentiality of beneficial ownership
14C Imposición de sanciones
(1) Antes de imponer cualquier sanción conforme a las disposiciones de esta Ley, la Competent Authority (Autoridad Competente) notificará por escrito a las partes interesadas––
(a) sobre la naturaleza del incumplimiento;
(b) sobre la intención de imponer una sanción, y la oportunidad de presentar una representación por escrito para exponer las razones, dentro de un plazo no inferior a 14 días a partir de la fecha de la notificación, por las que no debería imponerse una sanción.
(2) Una Competent Authority no impondrá una sanción conforme a las disposiciones de esta Ley si está convencida de que la persona interesada ha demostrado, a satisfacción de la Competent Authority, una causa justificada por la que no debería imponerse una sanción.
(3) Toda sanción impuesta en virtud de esta Ley se pagará dentro del plazo y de la manera que determine la Competent Authority.
(4) Si una persona no paga una sanción impuesta en virtud de esta Ley dentro del plazo especificado y no se ha presentado un recurso dentro del plazo requerido, la Competent Authority podrá iniciar sin demora las medidas para el cobro de dicha sanción.
(5) Toda sanción impuesta por la Financial Services Authority en virtud de esta Ley se pagará a la Financial Services Authority.
(6) Toda sanción impuesta por la Financial Intelligence Unit en virtud de esta Ley se pagará al Government's Consolidated Fund (Fondo Consolidado del Gobierno). (Inserted by Act 38 of 2022)
(a) sobre la naturaleza del incumplimiento;
(b) sobre la intención de imponer una sanción, y la oportunidad de presentar una representación por escrito para exponer las razones, dentro de un plazo no inferior a 14 días a partir de la fecha de la notificación, por las que no debería imponerse una sanción.
(2) Una Competent Authority no impondrá una sanción conforme a las disposiciones de esta Ley si está convencida de que la persona interesada ha demostrado, a satisfacción de la Competent Authority, una causa justificada por la que no debería imponerse una sanción.
(3) Toda sanción impuesta en virtud de esta Ley se pagará dentro del plazo y de la manera que determine la Competent Authority.
(4) Si una persona no paga una sanción impuesta en virtud de esta Ley dentro del plazo especificado y no se ha presentado un recurso dentro del plazo requerido, la Competent Authority podrá iniciar sin demora las medidas para el cobro de dicha sanción.
(5) Toda sanción impuesta por la Financial Services Authority en virtud de esta Ley se pagará a la Financial Services Authority.
(6) Toda sanción impuesta por la Financial Intelligence Unit en virtud de esta Ley se pagará al Government's Consolidated Fund (Fondo Consolidado del Gobierno). (Inserted by Act 38 of 2022)
Translation for information only. Only the English original is legally binding.
Original wording (English, legally binding): Imposition of penalty
(1) Before, imposing any penalty under the provisions of this Act, a Competent Authority shall give the parties concerned a notice in writing––
(a) of the nature of the non-compliance;
(b) of the intention to impose a penalty, and an opportunity to make a written representation to show cause, within a period of not less than 14 days after the date of the notice, why a penalty should not be imposed.
(2) A Competent Authority shall not impose a penalty under the provisions of this Act if it is satisfied that the person concerned has shown good cause to the satisfaction of the Competent Authority why a penalty should not be imposed.
(3) Any penalty imposed under this Act shall be paid within the period and in the manner as may be specified by the Competent Authority.
(4) If a person fails to pay a penalty imposed under this Act within the specified period and an appeal has not been filed within the required period, the Competent Authority may without delay initiate steps for recovery of such penalty.
(5) Any penalty imposed by the Financial Services Authority under this Act shall be paid to the Financial Services Authority.
(6) Any penalty imposed by the Financial Intelligence Unit under this Act shall be paid to the Government’s Consolidated Fund. (Inserted by Act 38 of 2022)
(a) of the nature of the non-compliance;
(b) of the intention to impose a penalty, and an opportunity to make a written representation to show cause, within a period of not less than 14 days after the date of the notice, why a penalty should not be imposed.
(2) A Competent Authority shall not impose a penalty under the provisions of this Act if it is satisfied that the person concerned has shown good cause to the satisfaction of the Competent Authority why a penalty should not be imposed.
(3) Any penalty imposed under this Act shall be paid within the period and in the manner as may be specified by the Competent Authority.
(4) If a person fails to pay a penalty imposed under this Act within the specified period and an appeal has not been filed within the required period, the Competent Authority may without delay initiate steps for recovery of such penalty.
(5) Any penalty imposed by the Financial Services Authority under this Act shall be paid to the Financial Services Authority.
(6) Any penalty imposed by the Financial Intelligence Unit under this Act shall be paid to the Government’s Consolidated Fund. (Inserted by Act 38 of 2022)
Official source: Beneficial Ownership Act (Cap. 251B), Act 4 of 2020, Revised Edition as at 31 May 2024 (Acts 4 of 2020, 6 of 2021, 26 of 2021, 38 of 2022, 28 of 2023); Act 18 of 2025 worked in by us
