Section 123D: Statements of financial transactions or statements

123D. Statements of financial transactions or statements on life insurance (1) (a) Subject to this section, every bank or 216 Acts 2017 non-bank deposit taking institution under the Banking Act shall furnish to the Director-General, on or before 15 August in every year, a statement of financial transactions effected by – (i) an individual, a société or a succession that made a deposit exceeding 500,000 rupees or deposits exceeding 4 million rupees in the aggregate in the preceding year; or (ii) a person, other than an individual, a société or succession, who made a deposit exceeding one million rupees or deposits exceeding 8 million rupees in the aggregate in the preceding year. (b) A Statement of financial transactions shall, in respect of an account holder, be submitted electronically to the Director-General in such form and manner as he may determine, giving the following information – (i) his full name; (ii) his NIC number or, in the case of a non-citizen, the identification number issued to him by the immigration officer, or passport number or Business Registration Number, as the case may be; (iii) his bank account number and the total deposit made in each account held by him; and (iv) the balance as at 30 June in the preceding year; (c) Paragraph (a) shall not apply to – (i) an individual who is a non-resident; Acts 2017 217 (ii) an entity that holds a Category 1 or Category 2 Global Business Licence issued by the Financial Services Commission; and (iii) a public listed company, its subsidiaries and associates; (2) (a) Every bank or person holding a money changer licence or exchange dealer licence under the Banking Act shall submit to the Director-General, on or before 15 August in every year, a Statement of financial transactions in respect of every person, other than a Ministry, Government department, local authority or statutory body, the Rodrigues Regional Assembly or an entity that holds a Category 1 or Category 2 Global Business Licence issued by the Financial Services Commission, having bought, sold or transferred, other than local intra-account transfers, foreign currency equivalent to 200,000 Mauritian rupees or more in one transaction during the preceding year. (b) A Statement of financial transactions shall, in respect of the person referred to in paragraph (a), be submitted electronically to the Director-General in such form and manner as he may determine giving the following information – (i) his full name; (ii) his NIC number or, in the case of a non-citizen, the identification number issued to him by the immigration officer, or passport number or his Business Registration Number, as the case may be; (iii) the amount of foreign currency bought, sold or transferred; and 218 Acts 2017 (iv) the equivalent value of the foreign currency in Mauritian rupees. (3) (a) Every company licensed by the Financial Services Commission to carry on life insurance business shall submit to the Director-General, on or before 15 August in every year, a Statement of the amount of life insurance premium exceeding 500,000 rupees paid in respect of a person during the preceding year. (b) A Statement of life insurance shall, in respect of the person referred to in paragraph (a), be submitted electronically to the Director-General in such form and manner as he may determine, giving the following information – (i) his full name; (ii) his NIC number or, in the case of a non-citizen, the identification number issued to him by the immigration offic r, a Statement of the amount of life insurance premium exceeding 500,000 rupees paid in respect of a person during the preceding year. (b) A Statement of life insurance shall, in respect of the person referred to in paragraph (a), be submitted electronically to the Director-General in such form and manner as he may determine, giving the following information – (i) his full name; (ii) his NIC number or, in the case of a non-citizen, the identification number issued to him by the immigration officer, or passport number or Business Registration Number, as the case may be; and (iii) the total life insurance premium paid. (4) In this section – “deposit” – (a) means any amount credited into a bank account; but (b) does not include – (i) any emoluments credited into that account; (ii) intra-account transactions; and (iii) loan disbursements credited into that account. Acts 2017 219 (zh) in section 124 – (i) in subsection (1), by inserting, after the words “Financial Services Act”, the words “, sections 24 and 25 of the Data Protection Act, section 14(7) of the CompaniesA ct”; (ii) by inserting, after subsection (1), the following new subsection – (1A) Notwithstanding the Information and Communication Technologies Act and the Data Protection Act, where the Director-General has reason to believe that a person – (a) is using any information and communication technology equipment for business purposes, he may request any public operator or service provider licensed under the Information and Communication Technologies Act, within the time fixed by the Director-General, to provide all such information regarding the identity and address of the person using that equipment; or (b) operates his business through any information and communication technology network, that person shall, on request, furnish to the Director-General all such information regarding his business transactions recorded digitally. (iii) by adding the following new subsection – (3) (a) The Minister may, in cases of non-compliance with any request for the exchange of information under an arrangement pursuant to section 76, make such regulations as he thinks fit. 220 Acts 2017 (b) Regulations made under paragraph (a) may provide for – (i) any penalty to be imposed in case of non-compliance; (ii) the manner by which the penalty is to be assessed; (iii) the manner in which an objection may be made to a penalty and representations may be made to the Assessment Review Committee; (iv) anything connected, consequential or incidental thereto. (zi) in section 131A, by adding the following new subsection – (10) (a) Where a person has lodged written representations under subsection (9) against a decision made under subsection (6) and, prior to the date fixed for the hearing of his representations – (i) he complies with subsection (2) or (2A); (ii) he informs the Assessment Review Committee in writing, with copy to the Director-General, that he has complied with subsection (2) or (2A), as the case may be, and wishes his objection to be considered anew by the Director-General; and (iii) he withdraws his representations from the Assessment Review Committee, the Director-General shall consider the objection as from the date that person withdraws his representations from the Assessment Review Committee. Acts 2017 221 (b) Notwithstanding section 131B(8A), an objection considered pursuant to paragraph (a) shall be determined within 4 months from the date the person withdraws his representations before and wishes his objection to be considered anew by the Director-General; and (iii) he withdraws his representations from the Assessment Review Committee, the Director-General shall consider the objection as from the date that person withdraws his representations from the Assessment Review Committee. Acts 2017 221 (b) Notwithstanding section 131B(8A), an objection considered pursuant to paragraph (a) shall be determined within 4 months from the date the person withdraws his representations before the Assessment Review Committee. (zj) in section 148, by inserting, after paragraph (e), the following new paragraph, the word “or” at the end of paragraph (e) being deleted – (ea) fails to submit a statement of assets and liabilities under section 123C; or (zk) by inserting, after Part XII the following new Part – PART XIIA – NEGATIVE INCOME TAX