§ 34 — Power of Minister to obtain information relating to this Part

34.—(1) The Minister, the competent authority, or an appointed authority (called in this section the requesting authority) may, by written notice —(a)

direct any entity to provide to the requesting authority any information relating to any holding of equity interests or control of voting power in the entity for the purposes of this Part; or

(b)

direct any entity to obtain from any of its shareholders, partners, unitholders or beneficiaries (as the case may be) (called in this section a relevant person) and to provide to the requesting authority, any information relating to the relevant person that may be required to ascertain or investigate into any holding of equity interests or control of voting power in the entity for the purposes of this Part.

(2) Without limiting subsection (1)(b), the notice in that subsection may require the entity to obtain and provide the following information:(a)

whether the relevant person holds an equity interest in the entity, as beneficial owner or as trustee;

(b)

if the relevant person holds the equity interest in the entity as trustee, to indicate as far as that relevant person is able to —(i)

the person for whom that relevant person holds the interest (either by name or by other particulars sufficient to enable that person to be identified); and

(ii)

the nature of that person’s interest.

(3) The requesting authority may, by written notice, require any shareholder, partner, unitholder or beneficiary (as the case may be) (X) of any entity, or any person (Y) that appears from information provided under this subsection or subsection (1) to hold an equity interest in the entity, to provide to the requesting authority any information relating to X or Y (as the case may be) that may be required for the purpose of ascertaining or investigating into any holding of equity interests or control of voting power in the entity.

(4) Without limiting subsection (3), the notice in that subsection may require X or Y to provide the following information:(a)

whether X or Y holds the equity interest in the entity as beneficial owner or as trustee;

(b)

if X or Y holds the equity interest in the entity as trustee, to indicate as far as X or Y can —(i)

the person (Z) for whom X or Y holds the equity interest (either by name or by other particulars sufficient to enable Z to be identified); and

(ii)

the nature of Z’s equity interest;

(c)

whether any equity interests or voting power is the subject of an agreement or arrangement described in section 15(1)(r) and, if so, to give particulars of the agreement or arrangement and the parties to it.

(5) A person that —(a)

fails to comply with a written notice under subsection (1) or (3);

(b)

in purported compliance with such notice, knowingly or recklessly provides any document or information that is false or misleading in a material particular; or

(c)

intentionally alters, suppresses or destroys any document or information which the person has been required by such notice to provide,

shall be guilty of an offence and shall be liable on conviction —

(d)

in the case of an individual, to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 12 months or to both and, in the case of a continuing offence, to a further fine not exceeding $250 for every day or part of a day during which the offence continues after conviction; or

(e)

in any other case, to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.

—(1) The Minister, the competent authority, or an appointed authority (called in this section the requesting authority) may, by written notice —(a)

direct any entity to provide to the requesting authority any information relating to any holding of equity interests or control of voting power in the entity for the purposes of this Part; or

(b)

direct any entity to obtain from any of its shareholders, partners, unitholders or beneficiaries (as the case may be) (called in this section a relevant person) and to provide to the requesting authority, any information relating to the relevant person that may be required to ascertain or investigate into any holding of equity interests or control of voting power in the entity for the purposes of this Part.

(2) Without limiting subsection (1)(b), the notice in that subsection may require the entity to obtain and provide the following information:(a)

whether the relevant person holds an equity interest in the entity, as beneficial owner or as trustee;

(b)

if the relevant person holds the equity interest in the entity as trustee, to indicate as far as that relevant person is able to —(i)

the person for whom that relevant person holds the interest (either by name or by other particulars sufficient to enable that person to be identified); and

(ii)

the nature of that person’s interest.

(3) The requesting authority may, by written notice, require any shareholder, partner, unitholder or beneficiary (as the case may be) (X) of any entity, or any person (Y) that appears from information provided under this subsection or subsection (1) to hold an equity interest in the entity, to provide to the requesting authority any information relating to X or Y (as the case may be) that may be required for the purpose of ascertaining or investigating into any holding of equity interests or control of voting power in the entity.

(4) Without limiting subsection (3), the notice in that subsection may require X or Y to provide the following information:(a)

whether X or Y holds the equity interest in the entity as beneficial owner or as trustee;

(b)

if X or Y holds the equity interest in the entity as trustee, to indicate as far as X or Y can —(i)

the person (Z) for whom X or Y holds the equity interest (either by name or by other particulars sufficient to enable Z to be identified); and

(ii)

the nature of Z’s equity interest;

(c)

whether any equity interests or voting power is the subject of an agreement or arrangement described in section 15(1)(r) and, if so, to give particulars of the agreement or arrangement and the parties to it.

(5) A person that —(a)

fails to comply with a written notice under subsection (1) or (3);

(b)

in purported compliance with such notice, knowingly or recklessly provides any document or information that is false or misleading in a material particular; or

(c)

intentionally alters, suppresses or destroys any document or information which the person has been required by such notice to provide,

shall be guilty of an offence and shall be liable on conviction —

(d)

in the case of an individual, to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 12 months or to both and, in the case of a continuing offence, to a further fine not exceeding $250 for every day or part of a day during which the offence continues after conviction; or

(e)

in any other case, to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.