This provision amends section 2 of the principal Act by deleting and replacing several definitions, including “money laundering,” “proceeds of crime,” and “property,” and adding new definitions for “Centre,” “crime,” and “reporting entity.”
3. Section two of the principal Act is amended — Amendment (a) by the deletion of the definitions “regulated institution” of sect*on 2 and “supervisory authority”; (b) by the deletion of the definition “money laundering” and the substitution therefor of the following new definition: “money laundering”means, where a reasonable inference may be drawn, having regard to the objective factual circumstances, any activity by a person— (a) who knows or has reason to believe that the property is the proceeds of a crime; or Copies of this Act can be obtainedfrom the Government Printer, P.O. Box 30136, 10101 Lusaka. Price K2,000 each. (b) without reasonable excuse, fails to take reasonable steps to ascertain whether or not the property is proceeds of a crime; where the person— (i) engages, directly or indirectly, in a transaction that involves proceeds of a crime; (ii) acquires, receives, possesses, disguises, transfers, converts, exchanges, carries, disposes, uses, removes from or brings into Zambia proceeds of a crime; or (iii) conceals, disguises or impedes the establishment, of the true nature, origin, location, movement, disposition, title of, rights with respect to, or ownership of, proceeds of crime”; (c) by the deletion of the definition “proceeds of crime” and the substitution therefor of the following new definition: “proceeds of crime” means property or benefit that “(a) wholly or partly derived or realised directly or indirectly, by any person from the commission of a crime;” (b) wholly or partly derived or realised from a disposal or other dealing with proceeds of a crime; (c) wholly or partly acquired proceeds of a crime; and includes, on a proportional basis, property into which any property derived or realised directly from the illegal activity is later converted, transformed or intermingled, and any income, capital or other economic gains derived or realised from the property at any time after the crime; or (d) any property that is derived or realised, directly or indirectly, by any person from any act or omission that occurred outside Zambia and would, if the act or omission had occurred in Zambia, have constituted a crime; Prohibition and Prevention of Money [No. 44 of 2010 619 Laundering (Amendment) (d) by the deletion of the definition “property” and the substitution therefor of the following new definition: “property” includes any real or personal property, money, things in action or other intangible or incorporeal property, whether located in Zambia or elsewhere, and includes property of corresponding value in the absence of the original illegally acquired property whose value has been determined; and (e) by the insertion, in the appropriate places, of the following new definitions: “Centre” means the Financial Intelligence Centre established under the Financial Intelligence Centre Act, 2010; “crime” means an actor omission which constitutes an offence under any written law in Zambia or any other country; and “reporting entity” has the meaning assigned to it in the Financial Intelligence Centre Act, 2010;.