Section 10: Substitution of regulation 10 of principal Regulations For regulation 10 to the principal regulations

there is substituted the following "10. Cross border movement of currency and negotiable bearer instruments (1) In accordance with section 10 of the Act- (a) a person intending to transport or carry outside Uganda, Uganda currency or monetary instruments or bearer negotiable instruments or foreign currency equivalent to or exceeding the amount of one thousand five hundred currency points in any currency, shall, notify the Uganda Revenue Authority using Form C in the Schedule and submit the Form to a customs officer at the port of exit; (b) a person entering into Uganda and carrying Uganda currency or monetary instruments or bearer negotiable instruments or foreign currency, equivalent to or exceeding the amount of one thousand five hundred currency points shall, upon entering Uganda notify the Uganda Revenue Authority using Form C in the Schedule and submit the Form to a customs officer at the port of entry. (2) A customs officer to whom Form C is submitted shall, within twenty four hours, submit a copy of all Forms received under subregulation (1) to the Authority in accordance with the Act. (3) Where a customs officer reasonably believes that a person referred to in subregulation (1) (a) has made a false declaration, or has failed to declare the currency or negotiable bearer instruments, the customs officer shall require that person to produce and show to the customs officer all the currency or bearer negotiable instruments in the possession of the person. (4) Where a customs officer establishes that a person has made a false declaration, or has failed, or refused, or neglected to declare currency or bearer negotiable instruments in accordance with the Act or these Regulations, the customs officer shall- (a) seize the currency or bearer negotiable instruments in the possession of that person and shall record the seizure in Form 4 in the Schedule; and (b) notify the Authority, within twenty-four hours after the seizure of the currency or negotiable bearer instruments. (5) A customs officer who seizes currency or negotiable bearer instruments under this regulation shall, without delay, forward the currency or negotiable bearer instruments to the Authority." Regulation 11 of the principal regulations is amended- (a) in subregulation (2)(d) by deleting "the" appearing immediately before "accountable" and substituting for "person" the word "persons"; (b) by inserting immediately after subregulation (2) the following- "(3) The Authority shall issue a directive to an accountable person that does not develop, adopt and implement internal control measures, policies and procedures for the prevention of money laundering and financing of terrorism in accordance with this subregulation requiring the accountable person to comply with the law. (4) Where an accountable person does not comply with a directive issued under subregulation (3), the accountable person is liable to- (a) in the case of an accountable person that is a corporate person, to a fine not exceeding five thousand currency points; (b) in the case of an accountable person that is a natural person, to a fine not exceeding five hundred currency points." (c) by inserting immediately after subregulation (4) the following- (5) The Authority shall issue a directive to an accountable person that does not provide continuous training of employees, managers and directors of the accountable person in all aspects of anti-money laundering and combating of terrorism financing in accordance with subregulation (2)(d) requiring the accountable person to comply with the law. (6) Where an accountable person does not comply with a directive issued under subregulation (3), the accountable person is liable to- (a) in the case of an accountable person that is a corporate person, to a fine not exceeding five thousand currency points; (b) in the case of an accountable person that is a natural person, to a fine not exceeding five hundred currency points." Regulation 12 of the principal regulations is revoked.