Press Release No 45 –
Cabinet Approves Changes to Fines and Penalties for Exchange Control Breaches
Press Release No. : 45/2010
Date : 14 December, 2010
The Acting Governor of the Reserve Bank, Barry Whiteside, today announced changes to the Exchange Control Act, Fifth Schedule Enforcement Part II – General Provisions as to Offenses. These changes have been approved by Cabinet and gazetted via No. 61 of 2010.
Mr. Whiteside highlighted that the fines and penalty provisions in the Exchange Control Act were not reviewed for more than three decades and as such were outdated and weak. However, with the increased fine of up to $500,000 and the maximum prison term of up to 10 years, it is anticipated that compliance would be enhanced. He added that under the new provisions, a body corporate can now be fined for non compliance under the Exchange Control Act.
Mr. Whiteside stated that the changes are timely, in view of the Bank’s efforts to reconcile export receipts. The general public is advised to familiarise themselves with the new changes, which are specified in the Attachment.
The new fines and penalties are effective immediately. For further clarification, exporters may contact the Exchange Control staff at the Reserve Bank.