CHAPTER
360
EXCHANGE CONTROL REGULATIONS |
ARRANGEMENT OF
SECTIONS |
SECTION |
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Minister may make Exchange Control Regulations. |
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CHAPTER 360 |
EXCHANGE CONTROL
REGULATIONS |
An Act to
provide for the control and regulation of gold, currency, securities and
foreign exchange. | 44 of 1952.
7 of 1953.
43 of 1964.
3 of 1974.
E.L.A.O., 1974.
5 of 1987. |
[Commencement 11th
August, 1952] |
1. This Act may be cited as the Exchange Control
Regulations Act. | Short title |
2. In this Act, unless the context otherwise requires- | Interpretation. |
"Minister"
means the Minister of Finance. |
3. (1) From and after the coming into operation of this
Act the Minister may by Order make such regulations (hereinafter referred to as
Finance Regulations) as he may deem expedient in respect of any matter or thing
connected with exchange control. | Minister may make Exchange Control Regulations. |
(2) Without
prejudice to the generality of the powers conferred by subsection (1) of this
section Finance Regulations may be made for the purpose of controlling, buying,
selling and dealing in gold, foreign currency, foreign securities and foreign
exchange. |
4. (1) There is hereby established the office of
Controller of Exchange, and the functions of that office shall vest in the
Central Bank of The Bahamas established by section 3 of that Act. | Controller of Exchange. |
(2) The Controller
of Exchange shall have power to make such orders and give such directions as
may be necessary to implement the provisions of any Finance Regulations and, in
particular, shall have power by order to exempt any person from any provision
of those Regulations. |
5. Any person who fails to comply with or contravenes
any of the provisions of any of the regulations made under the provisions of
this Act shall be guilty of an offence against this Act and shall be liable on
summary conviction to imprisonment for one year or to a fine of four thousand
dollars or to both such imprisonment and fine; so, however, that where the
offence is concerned with any currency, any security, any payment, any gold,
any goods or any other property, and does not consist only of a failure to give
information or produce books, accounts or other documents with respect thereto
when required so to do under the provisions of any Finance Regulations, a
larger fine may be imposed not exceeding three times the amount or value of the
currency, security, payment, gold, goods or property. | Penalties. |