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Money Launderers and Terrorist Financiers: Beware
London and Bermuda Newsletter
The Bermuda Parliament passed two pieces of legislation which amend existing laws that combat money-laundering and the financing of terrorist activities.
The Proceeds of Crime Amendment Act 2008 gives Bermuda courts the power to make forfeiture orders that require persons convicted of money laundering offences to forfeit property that was: (i) in the possession (or under the control) of the convicted person for the purpose of committing an offence under the Proceeds of Crime Act 1997; or (ii) which is received by the convicted person in connection with the commission of an offence under the 1997 Act.
The Anti-Terrorism (Financial and Other Measures) Amendment Act 2008 creates an offence of “tipping off”. A person is guilty of “tipping off” if he or she discloses information about an investigation by the police or the Financial Intelligence Agency which subsequently prejudices that investigation.
Both the Proceeds of Crime Amendment Act 2008 and the Anti-Terrorism (Financial and Other Measures) Amendment Act 2008 create liability for the officers of corporate bodies and unincorporated associations as well as members of partnerships in circumstances where their respective corporate body, unincorporated associations or partnership are found guilty of an offence under the Anti-Terrorism (Financial and Other Measures) Act 2004 of the Proceeds of Crime Act 1997.
The legislation was passed with the support of the Government and Opposition.
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