Special examinations

(1) The Central Bank may at any time and without notice appoint one or more of its examiners or other qualified persons to carry out a special examination under conditions of secrecy of the books and affairs of any licensee whether in Belize or elsewhere– (a) where it has reason to believe that such licensee may be carrying on his business in a manner detrimental to the interests of his depositors, creditors or other customers, or is not operating in a sound financial condition or may have insufficient assets to cover his liabilities to the public or may be, either in Belize or elsewhere, contravening any of the provisions of this Act or regulations made thereunder; (b) if the licensee suspends payment to depositors or creditors or informs the Central Bank of his intention to do so; or (c) if the Central Bank has reasonable grounds to believe that the licensee is involved in fraudulent or criminal activity, or is aiding or 48 abetting others in committing fraudulent or criminal activity or is otherwise conducting his business in a manner detrimental to the public interest. (2) Subject to section 32(3), every licensee of whom an examination has been ordered under sub-section (1) shall produce to the examiners, or other persons appointed under this section, at such times and in such places as the examiners or persons may specify, all records, books, accounts, minutes, cash, securities, vouchers and other documents and assets in whatever form in the possession or custody of the licensee or of which he is entitled to possession or custody relating to his assets, liabilities and business generally, and shall give, within such time as the examiners or persons may specify, such oral information concerning his business as may be required. (3) As soon as may be practicable after the conclusion of an examination under this section, the examiners or persons appointed to carry out the examination shall submit a full report on such examination to the Central Bank. (4) The Central Bank may order that all expenses of, and incidental to, a special examination under sub-section (1), shall be paid by the licensee examined. (5) Every person who– (a) refuses or fails or neglects to produce or obstructs or wilfully delays the production of any record, book, document, asset or information required under this section shall pay to the Central Bank, upon being called upon to do so, a penalty of two thousand dollars for each day of the failure to comply; or (b) knowingly produces any record, book, document or information required under this section which is false or misleading in any material particular commits an offence and is liable on summary conviction to a fine not exceeding two thousand dollars or to imprisonment for a term not exceeding six months, or to both such fine and term of imprisonment. (6) Any director, officer or employee of a licensee who knowingly or wilfully supplies false or misleading information to the persons authorized to carry out an examination in terms of this section commits an offence and is liable on summary conviction to a fine not exceeding ten thousand dollars or to imprisonment for a term not exceeding two years, or to both such fine and term of imprisonment.