Section 96C: Decision of United Nations Security Council

96C. Decision of United Nations Security Council (1) The central bank may, from time to time – (a) make such regulations – (i) concerning any financial institution, class of financial institutions or holder of a licence; or (ii) relating to the activities of any financial institution, class of financial institutions or holder of a licence; and (b) issue such guidelines, directives or instructions to a financial institution, class of financial institutions or holder of a licence, as the central bank considers necessary in order to discharge, or facilitate the discharge of, any obligation binding on Mauritius by virtue of a decision of the United Nations Security Council. (2) Notwithstanding any enactment or contract to which a financial institution or holder of a licence is a party, the financial institution or holder of the licence to which regulations made under subsection (1)(a) apply or which is bound by guidelines, directives or instructions made under subsection (1)(b) shall comply with those regulations, guidelines, directives or instructions, as the case may be. 252 Acts 2018 (3) A financial institution or holder of a licence shall not, in carrying out any act in compliance with the regulations, guidelines, directives or instructions made under subsection (1), be treated as being in breach of any such enactment or contract. (4) Except where a Court orders such disclosure, a financial institution or holder of a licence shall not disclose the guidelines, directives or instructions issued under subsection (1)(b) where the central bank notifies the financial institution that the central bank is of the opinion that the disclosure of those guidelines, directives or instructions is against the public interest. (5) A financial institution or holder of a licence which – (a) contravenes any regulations made under subsection (1)(a); (b) fails or refuses to comply with guidelines, directives or instructions issued to it under subsection (1)(b); or (c) discloses a guideline, a directive or an instruction issued to it in contravention of subsection (4), shall commit an offence and shall, on conviction, be liable to a fine not exceeding one million rupees. (n) in section 100 (4), by deleting the words “100,000 rupees” and replacing them by the words “one million rupees and, in the case of continuing offence, to, after conviction, a further fine of 100,000 rupees for every day or part of a day during which the offence continues”; (o) in section 101 (3), by adding the words “and of discharging or facilitating the discharge of any obligation binding on Mauritius by virtue of a decision of the United Nations Security Council”. Acts 2018 253