TERRORISM (SUPPRESSION OF FINANCING)
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- (3) A financial institution shall not in carrying out any act in compliance with any direction or regulations made under subsection (1) be treated as being in breach of any such rule of law, written law or contract.
- (4) A financial institution shall not disclose any direction issued under subsection (1)(a) if the Authority notifies the financial institution that the Authority is of the opinion that the disclosure of the direction is against the public interest.
- (5) A financial institution which—
- (a) fails or refuses to comply with a direction issued to it;
- (b) contravenes any regulations made under subsection (1)(b); or
- (c) discloses a direction issued to it in contravention of subsection (4),
- shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000.
- (6) In this section, "financial institution" means—
- (a) any bank licensed under the Banking Act (Cap. 19);
- (b) any finance company licensed under the Finance Companies Act (Cap. 108);
- (c) any merchant bank that is approved as a financial institution under section 28;
- (d) any money-changer licensed to conduct money-changing business, or any remitter licensed to conduct remittance business, under the Money-changing and Remittance Businesses Act (Cap. 187);
- (e) any insurer registered or regulated under the Insurance Act (Cap. 142);
- (f) any insurance intermediary licensed under the Insurance Intermediaries Act (Cap. 142A);
- (g) any dealer or investment adviser licensed under the Securities Industry Act (Cap. 289);
