Proceeds of Crime (Amendment) Act No 7 of 2018 is now in effect!
The Proceeds of Crime (Amendment) Act No. 7 of 2018 came into effect on January 1st, 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.
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