Section 79B: Functions and powers of Registrar in relation to credit union

79B. Functions and powers of Registrar in relation to credit union (1) Without prejudice to the functions and powers of the Registrar under any other enactment, the Registrar – (a) shall supervise, monitor and give guidance to a credit union; (b) may consult with and seek such assistance from any association or body representing a credit union or such other person as he may deem appropriate; (c) may give directions to a credit union to ensure compliance with this Act, the Financial Intelligence and Anti-Money Laundering Act, the United Nations (Financial Prohibitions, Arms Embargo and Travel Ban) Sanctions Act, and any regulations made or guidelines issued under those Acts; (d) may require a credit union to submit a report on corrective measures it is taking to ensure compliance with this Act, the Financial Intelligence and Anti-Money Laundering Act, the United Nations (Financial Prohibitions, Arms Embargo and Travel Ban) Sanctions Act, and any regulations made or guidelines issued under those Acts at such intervals as he may determine; (e) may issue guidelines in respect of money laundering activities and the financing of terrorism and proliferation activities; (f) shall cooperate with and assist investigatory authorities; (g) shall exchange information with investigatory authorities and supervisory authorities; (h) shall assist and exchange information with overseas comparable supervisory authorities; (i) shall undertake, and assist in, research projects in order to identify the methods and trends of money laundering activities and the financing of terrorism and proliferation activities in Mauritius and in the region; (j) may enter into an agreement or arrangement for the exchange of information with an overseas comparable supervisory body, provided that the overseas comparable supervisory body undertakes to protect the confidentiality of any information exchanged; (k) may, in respect of a credit union, apply any or all of the following administrative sanctions, as appropriate – (i) issue a private warning; (ii) issue a public censure; (iii) impose such administrative penalty as may be prescribed; (iv) ban it from conducting its business for a period not exceeding 5 years; (v) suspend, revoke or cancel its registration. (2) The Registrar may, in writing, request such information and documents as he considers appropriate from a credit union and the credit union shall, within the time as specified by the Registrar, provide the information and documents. (3) A credit union which fails to comply with subsection (1)(c) or (d) or to provide any information or document requested under subsection (2) shall commit an offence and shall, on conviction, be liable to a fine not exceeding one million rupees and to imprisonment for a term not exceeding 5 years. (4) The Registrar may publish any of his decisions or determinations, a decision of the Review Panel or such other information as he may consider appropriate.