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(1) This Act may be cited as the Proceeds of Crime (Amendment) Act, 2023. (2) This Act shall come into force on such date as may be appointed by Order made by the Cabinet and different dates may be appointed for different provisions of this Act and in relation to different matters. I Assent, Jane Owen Governor Date: 6th October, 2023 Proceeds of Crime (Amendment) Act, 2023\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Amendment of the Proceeds of Crime Act (2020 Revision) - references to Parts 2. The Proceeds of Crime Act (2020 Revision), in this Act referred to as the \u201cprincipal Act\u201d, is amended as follows \u2014 (a) by deleting the following words \u2014 (i) Part I; (ii) Part II; (iii) Part III; (iv) Part IV; (v) Part V; (vi) Part VI; (vii) Part VII; (viii) Part VIII; (ix) Part IX; and (b) substituting the following words for those in paragraph (a) \u2014 (i) Part 1; (ii) Part 2; (iii) Part 3; (iv) Part 4; (v) Part 5; (vi) Part 6; (vii) Part 7; (viii) Part 8; and (ix) Part 9.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Amendment of section 2 - definitions and interpretation 3. The principal Act is amended in section 2 as follows \u2014 (a) in the section heading, by deleting the words \u201cDefinitions and\u201d; (b) by inserting, in the appropriate alphabetical sequence, the following definitions \u2014 \u201c \u201cappropriate officer\u201d means \u2014 (a) a constable; or (b) any other person so designated by the Cabinet by Order for the purposes of this Act; and Proceeds of Crime (Amendment) Act, 2023 \u201cdesignated non-financial business and profession\u201d means a natural or legal person designated as such in accordance with regulations made under this Act; and \u201cself-regulatory body\u201d means a body designated under this Act and regulations made under this Act as a Supervisory Authority for a designated non-financial business and profession;\u201d; (c) by deleting the definitions of \u201cproperty investment\u201d and \u201csingle family office\u201d; and (d) in the definition of \u201cvirtual asset\u201d, by inserting after the word \u201cpurposes\u201d the words \u201cbut does not include any digital representation of fiat currencies\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Repeal of section 2A - meaning of \u201csingle family\u201d 4. The principal Act is amended by repealing section 2A.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Amendment of section 4 - powers, functions and duties of Financial Reporting Authority 5. The principal Act is amended in section 4 as follows \u2014 (a) in subsection (2), by repealing paragraph (ca) and substituting the following paragraph \u2014 \u201c(ca) may disseminate, in its discretion or upon request, information and results of any analysis to \u2014 (i) any competent authority; (ii) any Supervisory Authority within the Islands, and (iii) such other institutions or persons in the Islands as may be designated in writing by the Steering Group, and shall use dedicated, secure and protected channels for such dissemination;\u201d; and (b) by repealing subsection (9) and substituting the following subsection \u2014 \u201c(9) The Cabinet may assign to \u2014 (a) the Financial Reporting Authority; (b) a public body; (c) a self-regulatory body; or (d) any other person, the responsibility of monitoring compliance with money laundering regulations made under this Act in relation to persons conducting \u201crelevant financial business\u201d who are not otherwise subject to such monitoring by the Cayman Islands Monetary Authority.\u201d. Proceeds of Crime (Amendment) Act, 2023\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Amendment of section 9 - protection upon disclosure of information to Financial Reporting Authority 6. The principal Act is amended in section 9 by repealing subsection (1) and substituting the following subsection \u2014 \u201c(1) Without prejudice to any other provision of this Act, where a person discloses to a nominated officer or the Financial Reporting Authority information concerning \u2014 (a) the proceeds or suspected proceeds of criminal conduct; (b) money laundering or suspected money laundering; (c) terrorism or suspected terrorism; (d) the financing of terrorism or suspected financing of terrorism; or (e) the financing of proliferation or suspected financing of proliferation, the disclosure shall not be treated as a breach of any restriction upon the disclosure of information by any enactment or otherwise and the fact of such disclosure shall not give rise to any criminal or civil liability.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_7\", \"num\": \"7.\", \"text\": \"Insertion of Part 2A - immunity of persons appointed as Supervisory Authorities 7. The principal Act is amended by inserting after Part 2 the following Part \u2014 \u201cPart 2A - Immunity of persons appointed as Supervisory Authorities Immunity of a person which is a Supervisory Authority 14A. Notwithstanding the provisions of any other Act, while carrying out a regulatory function under this Act, a person which is a Supervisory Authority, and its delegates, managers, officers, employees and agents, shall not be liable in damages for anything done or omitted in the discharge or purported discharge of their respective regulatory functions unless it is shown that the act or omission was in bad faith or constituted wilful misconduct.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_8\", \"num\": \"8.\", \"text\": \"Amendment of section 79 - property obtained through unlawful conduct 8. The principal Act is amended in section 79(2) by repealing paragraph (b) and substituting the following paragraph \u2014 Proceeds of Crime (Amendment) Act, 2023 \u201c(b) it is not necessary to show that the conduct was of a particular kind if it is shown that \u2014 (i) the property was obtained through conduct of a specific kind or kinds, and that conduct of that kind or those kinds is unlawful conduct; or (ii) the circumstances in which the property was handled are such as to give rise to the irresistible inference that it can only be derived from unlawful conduct.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_9\", \"num\": \"9.\", \"text\": \"Amendment of section 82 - application for property freezing order 9. The principal Act is amended in section 82 by repealing subsection (4) and substituting the following subsection \u2014 \u201c(4) The court may make a property freezing order on an application if it is satisfied that the condition in paragraph (a) is met and, where applicable, that the condition in paragraph (b) is met, that is to say \u2014 (a) the first condition is that there is a good arguable case \u2014 (i) that the property to which the application for the order relates is or includes recoverable property; and (ii) that, if any of it is not recoverable property, it is associated property; and (b) the second condition is that if \u2014 (i) the property to which the application for the order relates includes property alleged to be associated property; and (ii) the Director of Public Prosecutions has not established the identity of the person who holds it, the Director of Public Prosecutions has taken all reasonable steps to do so.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_10\", \"num\": \"10.\", \"text\": \"Amendment of section 110 - searches 10. The principal Act is amended in section 110 as follows \u2014 (a) by repealing subsection (5) and substituting the following subsection \u2014 \u201c(5) The powers conferred by this section are exercisable only so far as reasonably required for the purpose of finding cash.\u201d; and (b) by inserting after subsection (7) the following subsection \u2014 \u201c(7A) For the purposes of this section and Schedule 5 the words \u201cminimum amount\u201d means one thousand Cayman Islands dollars.\u201d. Proceeds of Crime (Amendment) Act, 2023\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_11\", \"num\": \"11.\", \"text\": \"Amendment of section 133 - concealing, etc. 11. The principal Act is amended in section 133(2) as follows \u2014 (a) by repealing paragraph (a) and substituting the following paragraph \u2014 \u201c(a) he makes a disclosure to the Financial Reporting Authority and has the consent of the Financial Reporting Authority to commit the act, but this does not apply to the person who committed or was a party to the act from which the property derives;\u201d; and (b) in paragraph (b), by deleting the words \u201cor a nominated officer\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_12\", \"num\": \"12.\", \"text\": \"Amendment of section 134 - arrangements 12. The principal Act is amended in section 134(2) by repealing paragraph (a) and substituting the following paragraph \u2014 \u201c(a) he makes a disclosure to the Financial Reporting Authority and has the consent of the Financial Reporting Authority to commit the act, but this does not apply to the person who committed or was a party to the act from which the property derives;\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_13\", \"num\": \"13.\", \"text\": \"Amendment of section 135 - acquisition, use and possession 13. The principal Act is amended in section 135(2) as follows \u2014 (a) by repealing paragraph (a) and substituting the following paragraph \u2014 \u201c(a) he makes a disclosure to the Financial Reporting Authority and has the consent of the Financial Reporting Authority to commit the act, but this does not apply to the person who committed or was a party to the act from which the property derives;\u201d; and (b) in paragraph (b), by deleting the words \u201cor a nominated officer\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_14\", \"num\": \"14.\", \"text\": \"Amendment of section 138 - disclosure by the Financial Reporting Authority 14. The principal Act is amended in section 138(1) by repealing paragraph (b) and substituting the following paragraph \u2014 \u201c(b) may, where it has cause to suspect that criminal conduct has been committed, disclose any information received under this Act to \u2014 (i) any competent authority; (ii) any Supervisory Authority within the Islands; and (iii) such other institutions or persons in the Islands as may be designated in writing by the Steering Group; and\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_15\", \"num\": \"15.\", \"text\": \"Amendment of section 144 - interpretation 15. The principal Act is amended in section 144 by repealing subsection (5A) and substituting the following subsection \u2014 Proceeds of Crime (Amendment) Act, 2023 \u201c(5A) It may be proved that property is criminal property \u2014 (a) by showing that it derives from conduct of a specific kind or kinds, and that conduct of that kind or those kinds is criminal conduct; or (b) by showing that the circumstances in which the property was handled are such as to give rise to the irresistible inference that it can only be criminal property.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_16\", \"num\": \"16.\", \"text\": \"Amendment of section 145 - regulations 16. The principal Act is amended in section 145(1) as follows \u2014 (a) in paragraph (f), by deleting the word \u201cand\u201d at the end of the paragraph; and (b) by inserting after paragraph (f) the following paragraph \u2014 \u201c(fa) to establish a framework under which reporters of suspicion of criminal conduct may seek and obtain a defence to specified money laundering or terrorist financing offences in relation to those reported offences; and\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_17\", \"num\": \"17.\", \"text\": \"Amendment of section 196 - extradition where Schedule 1 to the Extradition Act 2003 applies 17. The principal Act is amended in section 196 by deleting the words \u201cThe offences to which the Extradition Act (Overseas Territories) Order 2016 [UKSI 2016\/990] under sections 177, 178 and 244(2)\u201d and substituting the words \u201cThe offences to which the Extradition Act (Overseas Territories) Order 2016 (UKSI 2016\/990) and any other Order in Council made under sections 177, 178 and 224(2)\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_18\", \"num\": \"18.\", \"text\": \"Amendment of Schedule 5 - modifications to the Act when applied to external confiscation orders and related proceedings 18. The principal Act is amended in Schedule 5 as follows \u2014 (a) in paragraph 6 as follows \u2014 (i) in subparagraph (3)(a), by deleting the words \u201csubparagraph (5)\u201d and substituting the words \u201csubparagraph (4)\u201d; and (ii) in subparagraph (10), by deleting the words \u201csubparagraph (10)\u201d and substituting the words \u201csubparagraph (9)\u201d; and (b) in paragraph 7, by deleting the words \u201cparagraph 6(5)\u201d and substituting the words \u201cparagraph 6(4)\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_19\", \"num\": \"19.\", \"text\": \"Amendment of Schedule 6 - activities falling within the definition of \u201crelevant financial business\u201d 19. The principal Act is amended in Schedule 6 as follows \u2014 Proceeds of Crime (Amendment) Act, 2023 (a) by repealing paragraph 14B; (b) in paragraph 17, by deleting the words \u201cfifteen thousand United States dollars\u201d and substituting the words \u201cten thousand dollars\u201d; and (c) by repealing paragraph 22.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_20\", \"num\": \"20.\", \"text\": \"Transitional provisions 20. All proceedings pending at the date of the commencement of this amending Act in respect of offences committed or alleged to have been committed against the principal Act and to which any of the provisions in sections 8, 9, 11, 12, 13 and 15 of this amending Act apply, shall be continued and dealt with under this amending Act. Passed by the Parliament the 20th day of September, 2023. Hon. 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references to Parts .......................6\n3.\nAmendment of section 2 - definitions and interpretation .............................................................6\n4.\nRepeal of section 2A - meaning of \u201csingle family\u201d.......................................................................7\n5.\nAmendment of section 4 - powers, functions and duties of Financial Reporting Authority ...........7\n6.\nAmendment of section 9 - protection upon disclosure of information to Financial\nReporting Authority ....................................................................................................................8\n7.\nInsertion of Part 2A - immunity of persons appointed as Supervisory Authorities .......................8\n8.\nAmendment of section 79 - property obtained through unlawful conduct ....................................8\n9.\nAmendment of section 82 - application for property freezing order .............................................9\n10.\nAmendment of section 110 - searches .......................................................................................9\n11.\nAmendment of section 133 - concealing, etc. ........................................................................... 10\n12.\nAmendment of section 134 - arrangements ............................................................................. 10\n13.\nAmendment of section 135 - acquisition, use and possession .................................................. 10\n14.\nAmendment of section 138 - disclosure by the Financial Reporting Authority ........................... 10\n15.\nAmendment of section 144 - interpretation ............................................................................... 10\n16.\nAmendment of section 145 - regulations .................................................................................. 11\n17.\nAmendment of section 196 - extradition where Schedule 1 to the Extradition Act 2003\napplies ..................................................................................................................................... 11\n18.\nAmendment of Schedule 5 - modifications to the Act when applied to external\nconfiscation orders and related proceedings ............................................................................ 11\n19.\nAmendment of Schedule 6 - activities falling within the definition of \u201crelevant financial\nbusiness\u201d ................................................................................................................................. 11\n20.\nTransitional provisions ............................................................................................................. 12\n\nArrangement of Sections\nProceeds of Crime (Amendment) Act, 2023\n\nPage 4\nAct 12 of 2023\nc\n\nProceeds of Crime (Amendment) Act, 2023\nSection 1\n\nc\nAct 12 of 2023\nPage 5\n\nCAYMAN ISLANDS\n\nPROCEEDS OF CRIME (AMENDMENT) ACT,\n2023\n(Act 12 of 2023)\nAN ACT TO AMEND THE PROCEEDS OF CRIME ACT (2020 REVISION) IN ORDER TO\nREFORM THAT ACT IN THE AREAS OF INTELLIGENCE GATHERING AND\nINVESTIGATIONS; TO ENSURE THAT THE ACT CONFORMS TO INTERNATIONAL\nBEST PRACTICES; TO CLARIFY THE EVIDENTIAL BASIS ON WHICH IT MAY BE\nSHOWN THAT PROPERTY IS CRIMINAL PROPERTY OR IS OBTAINED THROUGH\nUNLAWFUL CONDUCT; TO AMEND THE ACT IN ORDER TO PROTECT SELFREGULATORY BODIES WHICH ARE SUPERVISORY AUTHORITIES FROM CERTAIN\nLIABILITY IN THE EXECUTION OF THEIR REGULATORY DUTIES; AND FOR\nINCIDENTAL AND CONNECTED PURPOSES\nENACTED by the Legislature of the Cayman Islands.\n1.\nShort title and commencement\n1.\n(1) This Act may be cited as the Proceeds of Crime (Amendment) Act, 2023.\n(2) This Act shall come into force on such date as may be appointed by Order made\nby the Cabinet and different dates may be appointed for different provisions of\nthis Act and in relation to different matters.\n(Act 12 of 2023)\nI Assent,\nJane Owen\nGovernor\nDate: 6th October, 2023\n\nSection 2\nProceeds of Crime (Amendment) Act, 2023\n\nPage 6\nAct 12 of 2023\nc\n\n2.\nAmendment of the Proceeds of Crime Act (2020 Revision) - references to\nParts\n2.\nThe Proceeds of Crime Act (2020 Revision), in this Act referred to as the \u201cprincipal\nAct\u201d, is amended as follows \u2014\n(a)\nby deleting the following words \u2014\n(i)\nPart I;\n(ii) Part II;\n(iii) Part III;\n(iv) Part IV;\n(v) Part V;\n(vi) Part VI;\n(vii) Part VII;\n(viii) Part VIII;\n(ix) Part IX; and\n(b) substituting the following words for those in paragraph (a) \u2014\n(i)\nPart 1;\n(ii) Part 2;\n(iii) Part 3;\n(iv) Part 4;\n(v) Part 5;\n(vi) Part 6;\n(vii) Part 7;\n(viii) Part 8; and\n(ix) Part 9.\n3.\nAmendment of section 2 - definitions and interpretation\n3.\nThe principal Act is amended in section 2 as follows \u2014\n(a)\nin the section heading, by deleting the words \u201cDefinitions and\u201d;\n(b) by inserting, in the appropriate alphabetical sequence, the following\ndefinitions \u2014\n\u201c \u201cappropriate officer\u201d means \u2014\n(a)\na constable; or\n(b) any other person so designated by the Cabinet by Order for the\npurposes of this Act; and\n\nProceeds of Crime (Amendment) Act, 2023\nSection 4\n\nc\nAct 12 of 2023\nPage 7\n\n\u201cdesignated non-financial business and profession\u201d means a\nnatural or legal person designated as such in accordance with\nregulations made under this Act; and\n\u201cself-regulatory body\u201d means a body designated under this Act and\nregulations made under this Act as a Supervisory Authority for a\ndesignated non-financial business and profession;\u201d;\n(c)\nby deleting the definitions of \u201cproperty investment\u201d and \u201csingle family\noffice\u201d; and\n(d) in the definition of \u201cvirtual asset\u201d, by inserting after the word \u201cpurposes\u201d\nthe words \u201cbut does not include any digital representation of fiat\ncurrencies\u201d.\n4.\nRepeal of section 2A - meaning of \u201csingle family\u201d\n4.\nThe principal Act is amended by repealing section 2A.\n5.\nAmendment of section 4 - powers, functions and duties of Financial\nReporting Authority\n5.\nThe principal Act is amended in section 4 as follows \u2014\n(a)\nin subsection (2), by repealing paragraph (ca) and substituting the\nfollowing paragraph \u2014\n\u201c(ca) may disseminate, in its discretion or upon request, information\nand results of any analysis to \u2014\n(i)\nany competent authority;\n(ii) any Supervisory Authority within the Islands, and\n(iii) such other institutions or persons in the Islands as may be\ndesignated in writing by the Steering Group,\nand shall use dedicated, secure and protected channels for such\ndissemination;\u201d; and\n(b) by repealing subsection (9) and substituting the following subsection \u2014\n\u201c(9) The Cabinet may assign to \u2014\n(a)\nthe Financial Reporting Authority;\n(b) a public body;\n(c)\na self-regulatory body; or\n(d) any other person,\nthe responsibility of monitoring compliance with money laundering\nregulations made under this Act in relation to persons conducting\n\u201crelevant financial business\u201d who are not otherwise subject to such\nmonitoring by the Cayman Islands Monetary Authority.\u201d.\n\nSection 6\nProceeds of Crime (Amendment) Act, 2023\n\nPage 8\nAct 12 of 2023\nc\n\n6.\nAmendment of section 9 - protection upon disclosure of information to\nFinancial Reporting Authority\n6.\nThe principal Act is amended in section 9 by repealing subsection (1) and substituting\nthe following subsection \u2014\n\u201c(1) Without prejudice to any other provision of this Act, where a person\ndiscloses to a nominated officer or the Financial Reporting Authority\ninformation concerning \u2014\n(a)\nthe proceeds or suspected proceeds of criminal conduct;\n(b) money laundering or suspected money laundering;\n(c)\nterrorism or suspected terrorism;\n(d) the financing of terrorism or suspected financing of terrorism;\nor\n(e)\nthe financing of proliferation or suspected financing of\nproliferation,\nthe disclosure shall not be treated as a breach of any restriction upon\nthe disclosure of information by any enactment or otherwise and the\nfact of such disclosure shall not give rise to any criminal or civil\nliability.\u201d.\n7.\nInsertion of Part 2A - immunity of persons appointed as Supervisory\nAuthorities\n7.\nThe principal Act is amended by inserting after Part 2 the following Part \u2014\n\u201cPart 2A - Immunity of persons appointed as Supervisory\nAuthorities\nImmunity of a person which is a Supervisory Authority\n14A. Notwithstanding the provisions of any other Act, while carrying out a\nregulatory function under this Act, a person which is a Supervisory\nAuthority, and its delegates, managers, officers, employees and agents,\nshall not be liable in damages for anything done or omitted in the discharge\nor purported discharge of their respective regulatory functions unless it is\nshown that the act or omission was in bad faith or constituted wilful\nmisconduct.\u201d.\n8.\nAmendment of section 79 - property obtained through unlawful conduct\n8.\nThe principal Act is amended in section 79(2) by repealing paragraph (b) and\nsubstituting the following paragraph \u2014\n\nProceeds of Crime (Amendment) Act, 2023\nSection 9\n\nc\nAct 12 of 2023\nPage 9\n\n\u201c(b) it is not necessary to show that the conduct was of a particular\nkind if it is shown that \u2014\n(i)\nthe property was obtained through conduct of a specific\nkind or kinds, and that conduct of that kind or those kinds\nis unlawful conduct; or\n(ii) the circumstances in which the property was handled are\nsuch as to give rise to the irresistible inference that it can\nonly be derived from unlawful conduct.\u201d.\n9.\nAmendment of section 82 - application for property freezing order\n9.\nThe principal Act is amended in section 82 by repealing subsection (4) and\nsubstituting the following subsection \u2014\n\u201c(4) The court may make a property freezing order on an application if it\nis satisfied that the condition in paragraph (a) is met and, where\napplicable, that the condition in paragraph (b) is met, that is to say \u2014\n(a)\nthe first condition is that there is a good arguable case \u2014\n(i)\nthat the property to which the application for the order\nrelates is or includes recoverable property; and\n(ii) that, if any of it is not recoverable property, it is associated\nproperty; and\n(b) the second condition is that if \u2014\n(i)\nthe property to which the application for the order relates\nincludes property alleged to be associated property; and\n(ii) the Director of Public Prosecutions has not established the\nidentity of the person who holds it,\nthe Director of Public Prosecutions has taken all reasonable\nsteps to do so.\u201d.\n10.\nAmendment of section 110 - searches\n10. The principal Act is amended in section 110 as follows \u2014\n(a)\nby repealing subsection (5) and substituting the following subsection \u2014\n\u201c(5) The powers conferred by this section are exercisable only so far as\nreasonably required for the purpose of finding cash.\u201d; and\n(b) by inserting after subsection (7) the following subsection \u2014\n\u201c(7A) For the purposes of this section and Schedule 5 the words\n\u201cminimum amount\u201d means one thousand Cayman Islands\ndollars.\u201d.\n\nSection 11\nProceeds of Crime (Amendment) Act, 2023\n\nPage 10\nAct 12 of 2023\nc\n\n11.\nAmendment of section 133 - concealing, etc.\n11. The principal Act is amended in section 133(2) as follows \u2014\n(a)\nby repealing paragraph (a) and substituting the following paragraph \u2014\n\u201c(a) he makes a disclosure to the Financial Reporting Authority and\nhas the consent of the Financial Reporting Authority to commit\nthe act, but this does not apply to the person who committed or\nwas a party to the act from which the property derives;\u201d; and\n(b) in paragraph (b), by deleting the words \u201cor a nominated officer\u201d.\n12.\nAmendment of section 134 - arrangements\n12. The principal Act is amended in section 134(2) by repealing paragraph (a) and\nsubstituting the following paragraph \u2014\n\u201c(a) he makes a disclosure to the Financial Reporting Authority and\nhas the consent of the Financial Reporting Authority to commit\nthe act, but this does not apply to the person who committed or\nwas a party to the act from which the property derives;\u201d.\n13.\nAmendment of section 135 - acquisition, use and possession\n13. The principal Act is amended in section 135(2) as follows \u2014\n(a)\nby repealing paragraph (a) and substituting the following paragraph \u2014\n\u201c(a) he makes a disclosure to the Financial Reporting Authority and\nhas the consent of the Financial Reporting Authority to commit\nthe act, but this does not apply to the person who committed or\nwas a party to the act from which the property derives;\u201d; and\n(b) in paragraph (b), by deleting the words \u201cor a nominated officer\u201d.\n14.\nAmendment of section 138 - disclosure by the Financial Reporting Authority\n14. The principal Act is amended in section 138(1) by repealing paragraph (b) and\nsubstituting the following paragraph \u2014\n\u201c(b) may, where it has cause to suspect that criminal conduct has\nbeen committed, disclose any information received under this\nAct to \u2014\n(i)\nany competent authority;\n(ii) any Supervisory Authority within the Islands; and\n(iii) such other institutions or persons in the Islands as may be\ndesignated in writing by the Steering Group; and\u201d.\n15.\nAmendment of section 144 - interpretation\n15. The principal Act is amended in section 144 by repealing subsection (5A) and\nsubstituting the following subsection \u2014\n\nProceeds of Crime (Amendment) Act, 2023\nSection 16\n\nc\nAct 12 of 2023\nPage 11\n\n\u201c(5A) It may be proved that property is criminal property \u2014\n(a)\nby showing that it derives from conduct of a specific kind or\nkinds, and that conduct of that kind or those kinds is criminal\nconduct; or\n(b) by showing that the circumstances in which the property was\nhandled are such as to give rise to the irresistible inference that\nit can only be criminal property.\u201d.\n16.\nAmendment of section 145 - regulations\n16. The principal Act is amended in section 145(1) as follows \u2014\n(a)\nin paragraph (f), by deleting the word \u201cand\u201d at the end of the paragraph;\nand\n(b) by inserting after paragraph (f) the following paragraph \u2014\n\u201c(fa) to establish a framework under which reporters of suspicion of\ncriminal conduct may seek and obtain a defence to specified\nmoney laundering or terrorist financing offences in relation to\nthose reported offences; and\u201d.\n17.\nAmendment of section 196 - extradition where Schedule 1 to the Extradition\nAct 2003 applies\n17. The principal Act is amended in section 196 by deleting the words \u201cThe offences to\nwhich the Extradition Act (Overseas Territories) Order 2016 [UKSI 2016\/990] under\nsections 177, 178 and 244(2)\u201d and substituting the words \u201cThe offences to which the\nExtradition Act (Overseas Territories) Order 2016 (UKSI 2016\/990) and any other\nOrder in Council made under sections 177, 178 and 224(2)\u201d.\n18.\nAmendment of Schedule 5 - modifications to the Act when applied to external\nconfiscation orders and related proceedings\n18. The principal Act is amended in Schedule 5 as follows \u2014\n(a)\nin paragraph 6 as follows \u2014\n(i)\nin subparagraph (3)(a), by deleting the words \u201csubparagraph (5)\u201d and\nsubstituting the words \u201csubparagraph (4)\u201d; and\n(ii) in subparagraph (10), by deleting the words \u201csubparagraph (10)\u201d and\nsubstituting the words \u201csubparagraph (9)\u201d; and\n(b) in paragraph 7, by deleting the words \u201cparagraph 6(5)\u201d and substituting\nthe words \u201cparagraph 6(4)\u201d.\n19.\nAmendment of Schedule 6 - activities falling within the definition of \u201crelevant\nfinancial business\u201d\n19. The principal Act is amended in Schedule 6 as follows \u2014\n\nSection 20\nProceeds of Crime (Amendment) Act, 2023\n\nPage 12\nAct 12 of 2023\nc\n\n(a)\nby repealing paragraph 14B;\n(b) in paragraph 17, by deleting the words \u201cfifteen thousand United States\ndollars\u201d and substituting the words \u201cten thousand dollars\u201d; and\n(c)\nby repealing paragraph 22.\n20.\nTransitional provisions\n20. All proceedings pending at the date of the commencement of this amending Act in\nrespect of offences committed or alleged to have been committed against the principal\nAct and to which any of the provisions in sections 8, 9, 11, 12, 13 and 15 of this\namending Act apply, shall be continued and dealt with under this amending Act.\nPassed by the Parliament the 20th day of September, 2023.\nHon. Katherine Ebanks-Wilks\nSpeaker\nZena Merren-Chin\nClerk of the Parliament","akn_extracted_at":"2026-06-22 15:43:54.484446+00","cms_id":"2023-0012","law_type":"amending","year":"2023","number":"12","title":"Proceeds of Crime (Amendment) Act, 2023 (Act 12 of 2023)","status":"spent"},"provenance":{"files":[{"file_id":"6473","expr_id":"1633","kind":"akn_xml","filename":"2023-0012.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/AMENDING\/2023\/2023-0012\/2023-0012.akn.xml","content_md5":"4b88c31e156fb257494bae308b396d33","byte_size":"18043","http_last_modified":null,"fetched_at":"2026-06-22 15:43:54.549116+00"},{"file_id":"3265","expr_id":"1633","kind":"pristine_pdf","filename":"2023-0012.pdf","source_url":"\/cms\/images\/LEGISLATION\/AMENDING\/2023\/2023-0012\/2023-0012.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/AMENDING\/2023\/2023-0012\/2023-0012.pdf","content_md5":"bad13195a97fcbed7eccd722d75d7af0","byte_size":"337249","http_last_modified":null,"fetched_at":"2026-06-16 04:01:10.893431+00"},{"file_id":"3266","expr_id":"1633","kind":"working_pdf","filename":"2023-0012.pdf","source_url":"\/cms\/images\/LEGISLATION\/AMENDING\/2023\/2023-0012\/2023-0012.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/AMENDING\/2023\/2023-0012\/2023-0012.pdf","content_md5":"bad13195a97fcbed7eccd722d75d7af0","byte_size":"337249","http_last_modified":null,"fetched_at":"2026-06-16 04:01:10.893431+00"}],"paragraph_count":12,"latest_history":null},"quality":{"expr_id":"1633","doc_id":"1633","quality_state":"needs_review","quality_score":"72","needs_human_review":"t","deterministic_categories":"{commencement_metadata_problem,duplicate_text,page_header_footer_noise}","llm_categories":"{}","repair_actions":"{collapse_duplicate_text,strip_page_furniture,verify_commencement_metadata}","finding_severity_counts":"{\"low\": 1, \"medium\": 2}","finding_summary":"repeated line furniture detected: cayman islands x3; act 12 of 2023 x15; proceeds of crime amendment act 2023 x10; duplicate-line ratio is 14.06%","assessed_at":"2026-06-22 15:29:46.608772+00","updated_at":"2026-06-22 15:29:46.608772+00"}}