Effective from 14 April 2021, the Financial Intelligence and Anti Money Laundering (Review Panel) Rule 2021 (hereinafter the “Rules”) came into operation. The Rules were made by the Chairperson of the Review Panel, with the approval of the Minister, under section 19T(6) of the Financial Intelligence and Anti Money Laundering Act (hereinafter the “FIAMLA”). Section 19S of the FIAMLA provides that a member who is aggrieved by the decision of the regulatory body under section 19N may make an application to a Review Panel and the Rules provides clarification on such application. The application should be made in the form set out in the schedule to the Rules by lodging the application with the Secretary to the Review Panel with 21 days of the decision of the regulatory body. The Secretary to the Review Panel is defined as a public officer designated as such by the Ministry to act as Secretary to the Review Panel.

The Secretary of the Panel shall give not less than 10 days’ notice of the date, time and place fixed for the hearing of the review to the aggrieved party and to the regulatory body. The aggrieved party has been defined in the Rules as the member of a regulatory body who makes an application for review under these Rules. The Secretary of the Review Panel shall thereafter serve a certified copy of the determination of the Review Panel to aggrieved party and to the regulatory body and inform any party who is not satisfied with the determination that he may, pursuant to section 19X of the FIAMLA, apply to the Supreme Court for a judicial review.

Any party may apply to the Secretary to the Review Panel for a copy of the review proceedings and a copy shall be delivered on payment of a fee of 10 rupees per paper. In addition, the Review Panel may, pursuant to section 19T (6) (b) of the FIAMLA, impose such payment of costs, not exceeding 5,000 rupees, to a party who has made a frivolous application for review

Please click HERE to read the Rules.