Here is the article in markdown format:
FSC Designated Competent Authority for Anti-Money Laundering and Combating Financing of Terrorism
Overview
The Financial Services Commission (FSC) has been designated as a Competent Authority under various pieces of legislation to combat money laundering, terrorist financing, and proliferation financing.
Initial Designation
On November 12, 2007, the FSC was initially designated Competent Authority under the Proceeds of Crime Act (POCA), specifically with respect to the insurance and securities sectors. The designation has been expanded to include other sectors, including the Trust Companies Supervision (TCSP) sector.
Responsibilities
Under its designation, the FSC is responsible for:
- Overseeing and supervising regulated businesses in their responsibilities under POCA, POC-MLPR, and UNSCRIA
- Issuing guidelines to businesses on effective measures to prevent money laundering, terrorism financing, and proliferation financing
- Monitoring compliance with these guidelines
Competent Authority Powers
The FSC has a range of powers, including:
- Conducting inspections
- Issuing directions
- Examining information
- Sharing information with other authorities
- Requiring regulated businesses to register with it and make reports on specific matters
Consequences of Non-Compliance
Failure to adhere to the guidelines could result in serious consequences, including:
- An entity being deemed unfit to conduct business
- An institution engaging in unsafe and unsound practices
- A court holding that a regulated business has not complied with applicable legislation
Purpose of Designation
The designation of the FSC as Competent Authority is aimed at preventing money laundering, terrorist financing, and proliferation financing, which can have serious consequences for the integrity of the financial system.
Guidelines for Regulated Businesses
The guidelines issued by the FSC represent best practices and the minimum acceptable standard for compliance with anti-money laundering, combating financing of terrorism, and proliferation financing legislation. Regulated businesses are expected to adopt internal controls that meet or exceed these standards.
Conviction for Offences
A conviction for an offence under any of the applicable legislation can constitute grounds upon which registration, license, or other form of permit may be suspended, cancelled, or revoked by the Competent Authority.
Note: I made some minor changes to the text to make it more readable and conformant with markdown formatting. Let me know if you’d like me to make any further changes!