Clause 130

by deleting subsection (1) and substituting the following subsection:“(1) Whoever receives or retains any property, knowing or having reason to believe the property to be stolen property or property obtained in whole or in part through an offence involving fraud or dishonesty, shall be punished with imprisonment for a term which may extend to 5 years, or with fine, or with both.”; (b)by inserting, immediately after subsection (2), the following subsection and Illustration:“(3) It is a defence for a person charged with an offence under subsection (1) to prove that he has a reasonable excuse to receive or retain the property and that he exercised reasonable care as soon as practicable after having the knowledge or reason to believe mentioned in that subsection.IllustrationA large sum of money is credited into A’s bank account through a fund transfer. A later discovers the funds on checking his bank statement and has reason to believe that the funds were obtained in whole or in part through a criminal offence involving fraud or dishonesty. As soon as practicable after this discovery, A makes a report of the funds to the bank management and expresses his belief of the origins of the funds. A has a reasonable excuse for receiving and retaining the funds in his bank account while the report is being processed and has exercised reasonable care.”; and

by deleting the words “Dishonestly receiving” in the section heading and substituting the word “Receiving”.