Governor Considers Major Changes to Financial Regulations

In a move aimed at strengthening financial regulations and enforcing laws related to finance, the Governor is considering significant amendments to existing rules.

Proposed Changes

The proposed changes include revisions to several key regulations:

Regulation 30 (Part 6: Supplementary)

• Introduction of new requirements for authorized officers
  • Must produce evidence of their authority upon request before exercising any power conferred by this Part

New Regulation: Search Warrants (Regulation 24A)

• Grants magistrates and justices of the peace the power to issue search warrants in cases where there are reasonable grounds to suspect that a relevant offence has been or is being committed
  • The warrant would empower authorized officers to enter and search ships, aircraft, vehicles, or premises specified in the information

Regulation 31 (Penalties for Offences)

• Outlines the penalties for committing various financial offences
  • Under the new rules, individuals found guilty of certain offences could face imprisonment terms ranging from six months to seven years, depending on the severity of the offence and whether it is tried summarily or on indictment

Key Changes

• Authorized officers must produce evidence of their authority upon request
• Search warrants can now be issued for ships, aircraft, vehicles, or premises in cases where a relevant offence is suspected
• Penalties for financial offences have been increased, with imprisonment terms ranging from six months to seven years

Public Consultation

The Governor’s office has invited public feedback on the proposed changes. A consultation period will run until [date] before the regulations are finalized.

Note: The exact date of the consultation period is not specified in the original text, so I left it blank.