Proceeds of Crime (Amendment) Act No 7 of 2018 is now in effect!

Published: 18 January 2019

The Proceeds of Crime (Amendment) Act No. 7 of 2018 came into effect on January 1^st, 2019.

Persons carrying on the below mentioned businesses are now required to be registered with the Anti-Money Laundering and Combating Terrorism Financing Commission and pay a Registration Fee:

• Banks
• Car Dealers
• Casino Operators
• Credit Unions
• Dealers in Precious stone and precious metals
• Designated Non-Financial Businesses and Professions (DNFBPs)-including Lawyers, Law Firms Accountants and Auditors
• Insurance Companies
• Money Service Businesses
• Non-Profit Organizations
• Real Estate Businesses

Failure to register with the Anti-Money Laundering and Combating Terrorism Financing Commission constitutes an offence which incurs an initial fine upon Summary Conviction of Five Thousand Dollars, (EC$5000.00)  and a recurring fee of Three Hundred Dollars (EC$300.00) for each day that the offence continues.