CORIATS
News Item
Date of last Update: 06 August 1998
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CORIATS
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 Reception
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Proceeds of Crime Ordinance 1998 passes Legislative Council At its meeting in January 1998, the TCI legislature gave the final reading to a new law which places the jurisdicition in the vanguard of today's fight against money-laundering and financial crime. Popularly known in government circles as the "all crimes" money-laundering statute, the law follows recent precedents in the leading offshore centres. The Court is given power, under appropriate circumstances, to make confiscation orders regarding the proceeds of crime. The enforcement of foreign confiscation others, in certain limited cases, is also covered. Perhaps most importantly for the financial industry, detailed requirements are introduced for the reporting of suspicious transactions to the authorities. Her Majesty's Government has placed considerable importance on the passage of this measure, and is understood to have imposed a deadline upon the Cayman Islands for them to conform to the latest legislative standards as adopted in TCI. Passage of the Proceeds of Crime Ordinance 1998 is widely expected to reinforce TCI's position in the forefront of offshore centres seeking to attract legitimate international business, and avoid intentional or inadvertent assistance to criminal elements. Advice on the impact of these new provisions is available from the Trust Company or its lawyers, Misick and Stanbrook. |
Revised: 06 August 1998.
Please see the Legal Notes posted in Reception.