Agreements and arrangements by the Financial Intelligence Unit

(1) With the prior approval of the Minister, the Financial Intelligence Unit may enter into an agreement or arrangement, formally or informally, with the government of a foreign state, or an international organisation or body established by the governments of foreign states regarding the exchange of reports or information between the Financial Intelligence Unit and any institution or agency of that state or organisation that has powers and duties similar to those of the Financial Intelligence Unit. (2) The information exchanged under sub-section (1) shall be information that would be relevant to investigating or prosecuting an offence or a money laundering or terrorist financing offence, or an offence that is substantially similar to either offence. (3) Agreements or arrangements entered into under sub- section (1) or (2), shall include the following– (a) restriction on the use of information to purposes relevant to financial investigations and to investigating or prosecuting an offence, or a money laundering offence, or a terrorist financing offence, or an offence that is substantially similar to either offence; and (b) the stipulation that the information be treated in a confidential manner and not be further disclosed without the express consent of the