Interpretation

(1) In these Regulations, unless the context otherwise requires“Act” means the International Financial Services Commission Act; CAP. 272. “Commission” means the International Financial Services Commission established under section 3 of the International Financial Services Commission Act; “criminal activity” means drug trafficking, embezzlement, larceny, extortion, misappropriation of funds, bribery, money laundering and other prescribed offences as shown in the Second Schedule to the Money Laundering (Prevention) Act; CAP. 104. “Director General” means the Director General of the International Financial Services Commission; “IBC Registry” means the Registry for international business companies; CAP. 272. “IFS Practitioner” shall have the meaning as assigned to it under the Act and includes registered agents for international business companies, and “Practitioner” shall have the same meaning; “professional intermediary customer” means an intermediary or third party on whom an IFS Practitioner relies on to undertake its obligations under the Money Laundering and Terrorism (Prevention) Act or to introduce business to it; CAP. 104. CAP. 270. “Registers” means the register of directors, the Share register or the register of beneficial owners required by international business companies pursuant to the International Business Companies Act;” CAP. 104. “Supervisory Authority” shall have the meaning assigned to it in the Money Laundering and Terrorism (Prevention) Act. (2) Words and phrases used in these Regulations but not defined herein shall have the same meanings as those respectively assigned to them in the International Financial Services Commission Act. Other Criminal Activities