Section 76: Amendment of list of reporting institutions

76. Amendment of list of reporting institutions

(1) The Minister may, by notice in the Gazette, amend the list of reporting institutions in Schedule 3 to—

(a) add to the list any person or category of persons if the Minister reasonably believes that the person or category of persons is used, or is likely to be used in future, for money laundering purposes but it is not appropriate to impose on such person or

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category of persons the duties which apply to an accountable institution under this Act;

(b) delete any person or category of persons from the list if—

(i) the Minister reasonably believes that the person or category of persons is not being used, and is not likely to be used in the future, for money laundering purposes; or

(ii) the person or category of persons is to be added to the list of accountable institutions; or

(c) make technical changes to the list.

(2) Before the Minister amends Schedule 3 in terms of subsection (1)(a) or (b), the Minister must consult the Centre, and—

(a) if only one person will be affected by the proposed amendment, give the person at least 30 days' written notice to submit written representations to the Minister; or

(b) if a category of persons will be affected by the proposed amendment, by notice in the Gazette give persons belonging to that category at least 60 days' written notice to submit written representations to the Minister.

(3) Any addition to or deletion from the list of reporting institutions in Schedule 3 in terms of subsection (1)(a) or (b) must, before publication in the Gazette, be approved by Parliament.