S.L. 628.1 Art. 71Money laundering. Cap. 373.

(1) Without prejudice to the obligations imposed or that may be imposed upon an association by the Prevention of Money Laundering Act and any regulations made thereunder, the administrators of an association shall implement policies and procedures relating to the prevention of money laundering and the funding of terrorism so as to ensure that their association is not used for such purposes.

(2) The administrators shall obtain information on and keep record of the source of funds of all endowments and permitted loans made to the association and shall verify such information.

(3) The administrators shall not accept any endowments or permitted loans unless they verify that the funds originate from licit sources.