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A BILL FOR A LAW TO AMEND THE PROCEEDS OF CRIME LAW (2017 REVISION) TO ENSURE THAT THE LAW COMPLIES WITH INTERNATIONAL BEST PRACTICES; AND FOR INCIDENTAL AND CONNECTED PURPOSES The Proceeds of Crime (Amendment) Bill, 2017 THE PROCEEDS OF CRIME (AMENDMENT) BILL, 2017 MEMORANDUM OF OBJECTS AND REASONS This Bill amends the Proceeds of Crime Law (2017 Revision), referred to as the principal Law, to ensure that the Law complies with international best practices and provides for incidental and connected purposes. Clause 1 of the Bill sets out the short title and commencement. Clause 2 of the Bill amends section 2 of the principal Law to include definitions for the terms \u201ccompetent authorities\u201d, \u201cfinancial year\u201d and \u201cinsurance business\u201d. Clause 3 of the Bill amends section 4 of the principal Law so as to permit the Financial Reporting Authority to disseminate information and results of analysis conducted by the Financial Reporting Authority to the Monetary Authority, public bodies to whom the Cabinet has assigned the responsibility of monitoring compliance with money laundering regulations under section 4(9) and law enforcement agencies.  This clause also stipulates the types of analyses to be conducted by the Financial Reporting Authority. Clause 4 of the Bill amends section 11 of the principal Law to change the date for the submission of the report by the Director. Clause 5 of the Bill amends section 114 of the principal Law to place an obligation on the Collector of Customs to report seizures under the section to the Financial Reporting Authority. Clause 6 of the Bill amends section 136 of the principal Law to permit the court to consider guidance issued by a public section body or self-regulatory body to whom the Cabinet has assigned the responsibility of monitoring compliance with money laundering regulations under section 4(9) in addition to that issued by the Monetary Authority when determining the matters relating to the commission of offences under the section. Clause 7 of the Bill amends section 137 of the principal Law to permit the court to consider guidance issued by a public section body or self-regulatory body to whom the Cabinet has assigned the responsibility of monitoring compliance with money laundering regulations under section 4(9) in addition to that issued by the Monetary Authority when determining the matters relating to the commission of offences under the section. The Proceeds of Crime (Amendment) Bill, 2017 Clause 8 of the Bill amends section 138 of the principal Law to permit the Financial Reporting Authority to make further disclosures under the principal Law without having to obtain the consent of the Attorney General. Clause 9 of the Bill amends section 144 to stipulate the issues that are to be considered when a determination is to be made as to whether a person is the beneficiary of the proceeds of criminal conduct. Clause 10 of the Bill amends paragraph 6(2) of Schedule 5 of the principal Law to specify a cross reference to section 45(2) to (7). Clause 11 of the Bill amends paragraph 11 of Schedule 6 to insert the word \u201cand\u201d. The Proceeds of Crime (Amendment) Bill, 2017 THE PROCEEDS OF CRIME (AMENDMENT) BILL, 2017 ARRANGEMENT OF CLAUSES\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_1\", \"num\": \"1.\", \"text\": \"Short title and commencement\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Amendment of section 2 of the Proceeds of Crime Law (2017 Revision) - definitions and interpretation\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Amendment of section 4 - powers, functions and duties of Financial Reporting Authority\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Amendment of section 11 - annual report of Financial Reporting Authority\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Amendment of section 114 - seizure of cash\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Amendment of section 136 - failure to disclose\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_7\", \"num\": \"7.\", \"text\": \"Amendment of section 137 - failure to disclose: nominated officers\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_8\", \"num\": \"8.\", \"text\": \"Amendment of section 138 - disclosure by the Financial Reporting Authority\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_9\", \"num\": \"9.\", \"text\": \"Amendment of section 144 - interpretation\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_10\", \"num\": \"10.\", \"text\": \"Amendment of Schedule 5 - modifications to the Law when applied to external confiscation orders and related proceedings\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_11\", \"num\": \"11.\", \"text\": \"Amendment of Schedule 6 - activities falling within the definition of \u201crelevant financial business\u201d The Proceeds of Crime (Amendment) Bill, 2017 A BILL FOR A LAW TO AMEND THE PROCEEDS OF CRIME LAW (2017 REVISION) TO ENSURE THAT THE LAW COMPLIES WITH INTERNATIONAL BEST PRACTICES; AND FOR INCIDENTAL AND CONNECTED PURPOSES ENACTED by the Legislature of the Cayman Islands. 1. (1) This Law may be cited as the Proceeds of Crime (Amendment) Law, 2017. (2) This Law shall come into force on such date as may be appointed by Order made by the Cabinet. 2. The Proceeds of Crime Law (2017 Revision), in this Law referred to as the \u201cprincipal Law\u201d, is amended in section 2 by inserting the following definitions in the appropriate alphabetical sequence - \u201ccompetent authority\u201d means a public body in the Islands charged with responsibility for combating money laundering and terrorist financing including - (a) the Financial Reporting Authority and any authority charged with the responsibility for investigating and prosecuting money Short title and commencement Amendment of section 2 of the Proceeds of Crime Law (2017 Revision) - definitions and interpretation The Proceeds of Crime (Amendment) Bill, 2017 laundering, associated predicate offences and terrorist financing, and seizing or freezing and confiscating criminal assets; (b) any authority receiving reports on cross-border transportation of currency and bearer negotiable instruments; and (c) any authority having anti-money laundering or counter terrorist financing supervisory or monitoring responsibility aimed at ensuring compliance by a relevant financial business with antimoney laundering or counter terrorist financing requirements; \u201cfinancial year\u201d in relation to the Financial Reporting Authority, means a year ending on 31st December; and \u201cinsurance business\u201d means business of any of the classes of business specified in the Schedule to the Anti-Money Laundering Regulations, 2017;\u201d. 3. The \u201cprincipal Law\u201d is amended in section 4 as follows - (a) in subsection (1), by deleting the words \u201c(and, as permitted, requesting)\u201d and by substituting the word \u201crequesting\u201d; (b) by inserting after subsection (1) the following subsection - \u201c(1A) In analysing disclosures under subsection (1) the Financial Reporting Authority shall, among other types of analyses,  carry out the following types of analyses - (a) operational analysis, in which the Financial Reporting Authority shall use available and obtainable information to - (i) identify specific targets; (ii) follow the trail of particular activities or transactions; and (iii) determine links between targets under subparagraph (i) and possible proceeds of crime, money laundering, predicate offences and terrorist financing; and (b) strategic analysis, in which the Financial Reporting Authority shall use available and obtainable information, including data that may be provided by other competent authorities, to identify money laundering and terrorist financing related trends and patterns.\u201d; (c) in subsection (2) as follows - (i) by inserting after paragraph (c) the following paragraph - Amendment of   section 4 - powers, functions and duties of Financial Reporting Authority The Proceeds of Crime (Amendment) Bill, 2017 \u201c(ca) may disseminate, in its discretion or upon request, information and results of any analysis to the Monetary Authority, any public body to whom the Cabinet has assigned the responsibility of monitoring compliance with money laundering regulations under section 4(9), and any law enforcement agency within the Islands, and shall use dedicated, secure and protected channels for such dissemination;\u201d; and (ii) in paragraph (e), by deleting the words \u201cwith the consent of\u201d; and by substituting the words \u201c after consultation with\u201d; (d) in subsection (9) by deleting the word \u201csector\u201d; and (e) by inserting after subsection (9) the following subsections - \u201c(10) For the purpose of this section \u201cdedicated, secure and protected channels\u201d means the method by which information is disseminated. (11) The method employed under subsection (10) should disseminate information in such a manner so as to ensure that the information is not accessed by a person for whom the information was not intended\u201d. 4. The principal Law is amended in section 11(b) by deleting the words \u201con or before 30 September in each year\u201d and substituting the words \u201cno later than three months after the date of the end of the financial year\u201d. 5. The principal Law is amended in section 114 by inserting after subsection (2) the following subsection - \u201c(3) As soon as reasonably possible after a seizure is made by a customs officer under this section, the Collector of Customs shall report the seizure to the Financial Reporting Authority.\u201d. 6. The principal Law is amended in section 136(5)(a) by inserting after the words \u201cMonetary Authority\u201d the words \u201cor by any other public body or selfregulatory body to whom the Cabinet has assigned the responsibility of monitoring compliance with money laundering regulations under section 4(9).\u201d . 7. The principal Law is amended in section 137 as follows - (a) in subsection (4)(a), by deleting the words \u201cor any other appropriate body\u201d and substituting the words \u201c or by any other public body or self-regulatory body to whom the Cabinet has Amendment of section 11- annual report of Financial Reporting Authority Amendment of section 114 - seizure of cash Amendment of section 136 - failure to disclose Amendment of section 137 - failure to disclose: nominated officers The Proceeds of Crime (Amendment) Bill, 2017 assigned the responsibility of monitoring compliance with money laundering regulations under section 4(9);\u201d; (b) in subsection (4)(b), by inserting after the words \u201cMonetary Authority\u201d the words \u201cor by any other public body or selfregulatory body to whom the Cabinet has assigned the responsibility of monitoring compliance with money laundering regulations under section 4(9)\u201d; and (c) by repealing subsection (5). 8. The principal Law is amended in section 138 (1)(b) by inserting after the words \u201cresponsibility for international tax matters\u201d the words \u201c, any public body to whom the Cabinet has assigned the responsibility of monitoring compliance with money laundering regulations under section 4(9)\u201d. 9. The principal Law is amended in section 144 by repealing subsection (5) and substituting the following subsections - \u201c(5) A person benefits from criminal conduct if that person obtains property as a result of or in connection with the conduct. (5A) Where a person is required to make a determination as to whether property was obtained through criminal conduct under this Law  - (a) it is immaterial whether or not any money, goods or services were provided in order to put the person in question in a position to carry out the conduct; and (b) it is not necessary to show that the conduct was of a particular kind if it is shown that the property was obtained through conduct of one of a number of kinds, each of which would have been criminal conduct.\u201d. 10. The principal Law is amended in paragraph 6(2) of Schedule 5 by deleting the words \u201csection 45\u201d and substituting the words \u201csection 45(2) to (7)\u201d. Amendment of section 138 - disclosure by the Financial Reporting Authority Amendment of section 144 - interpretation Amendment of Schedule 5 - modifications to the Law when applied to external confiscation orders and related proceedings The Proceeds of Crime (Amendment) Bill, 2017 11. The principal Law is amended in paragraph 11 of Schedule 6 by inserting after the word \u201cmanagement\u201d the word \u201cand\u201d. Passed by the Legislative Assembly the          day of , 2017. Speaker. Clerk of the Legislative Assembly. 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This clause also stipulates the types of analyses to be\nconducted by the Financial Reporting Authority.\nClause 4 of the Bill amends section 11 of the principal Law to change the date for\nthe submission of the report by the Director.\nClause 5 of the Bill amends section 114 of the principal Law to place an\nobligation on the Collector of Customs to report seizures under the section to the\nFinancial Reporting Authority.\nClause 6 of the Bill amends section 136 of the principal Law to permit the court\nto consider guidance issued by a public section body or self-regulatory body to\nwhom the Cabinet has assigned the responsibility of monitoring compliance with\nmoney laundering regulations under section 4(9) in addition to that issued by the\nMonetary Authority when determining the matters relating to the commission of\noffences under the section.\nClause 7 of the Bill amends section 137 of the principal Law to permit the court\nto consider guidance issued by a public section body or self-regulatory body to\nwhom the Cabinet has assigned the responsibility of monitoring compliance with\nmoney laundering regulations under section 4(9) in addition to that issued by the\nMonetary Authority when determining the matters relating to the commission of\noffences under the section.\n\nThe Proceeds of Crime (Amendment) Bill, 2017\n\n3\nClause 8 of the Bill amends section 138 of the principal Law to permit the\nFinancial Reporting Authority to make further disclosures under the principal\nLaw without having to obtain the consent of the Attorney General.\nClause 9 of the Bill amends section 144 to stipulate the issues that are to be\nconsidered when a determination is to be made as to whether a person is the\nbeneficiary of the proceeds of criminal conduct.\nClause 10 of the Bill amends paragraph 6(2) of Schedule 5 of the principal Law\nto specify a cross reference to section 45(2) to (7).\nClause 11 of the Bill amends paragraph 11 of Schedule 6 to insert the word\n\u201cand\u201d.\n\nThe Proceeds of Crime (Amendment) Bill, 2017\n\n4\nTHE PROCEEDS OF CRIME (AMENDMENT) BILL, 2017\nARRANGEMENT OF CLAUSES\n1.\nShort title and commencement\n2.\nAmendment of section 2 of the Proceeds of Crime Law (2017 Revision) -\ndefinitions and interpretation\n3.\nAmendment of section 4 - powers, functions and duties of Financial\nReporting Authority\n4.\nAmendment of section 11 - annual report of Financial Reporting Authority\n5.\nAmendment of section 114 - seizure of cash\n6.\nAmendment of section 136 - failure to disclose\n7.\nAmendment of section 137 - failure to disclose: nominated officers\n8.\nAmendment of section 138 - disclosure by the Financial Reporting\nAuthority\n9.\nAmendment of section 144 - interpretation\n10. Amendment of Schedule 5 - modifications to the Law when applied to\nexternal confiscation orders and related proceedings\n11. Amendment of Schedule 6 - activities falling within the definition of\n\u201crelevant financial business\u201d\n\nThe Proceeds of Crime (Amendment) Bill, 2017\n\n5\nCAYMAN ISLANDS\n\nA BILL FOR A LAW TO AMEND THE PROCEEDS OF CRIME LAW\n(2017 REVISION) TO ENSURE THAT THE LAW COMPLIES WITH\nINTERNATIONAL BEST PRACTICES; AND FOR INCIDENTAL AND\nCONNECTED PURPOSES\nENACTED by the Legislature of the Cayman Islands.\n1.\n(1) This Law may be cited as the Proceeds of Crime (Amendment) Law,\n2017.\n(2) This Law shall come into force on such date as may be appointed by\nOrder made by the Cabinet.\n2.\nThe Proceeds of Crime Law (2017 Revision), in this Law referred to as the\n\u201cprincipal Law\u201d, is amended in section 2 by inserting the following definitions in\nthe appropriate alphabetical sequence -\n\u201ccompetent authority\u201d means a public body in the Islands charged with\nresponsibility for combating money laundering and terrorist financing\nincluding -\n(a)\nthe Financial Reporting Authority and any authority charged with\nthe responsibility for investigating and prosecuting money\nShort title and\ncommencement\nAmendment of section 2\nof the Proceeds of Crime\nLaw (2017 Revision) -\ndefinitions and\ninterpretation\n\nThe Proceeds of Crime (Amendment) Bill, 2017\n\n6\nlaundering, associated predicate offences and terrorist financing,\nand seizing or freezing and confiscating criminal assets;\n(b) any authority receiving reports on cross-border transportation of\ncurrency and bearer negotiable instruments; and\n(c)\nany authority having anti-money laundering or counter terrorist\nfinancing supervisory or monitoring responsibility aimed at\nensuring compliance by a relevant financial business with antimoney laundering or counter terrorist financing requirements;\n\u201cfinancial year\u201d in relation to the Financial Reporting Authority, means a\nyear ending on 31st December; and\n\u201cinsurance business\u201d means business of any of the classes of business\nspecified in the Schedule to the Anti-Money Laundering Regulations,\n2017;\u201d.\n3.\nThe \u201cprincipal Law\u201d is amended in section 4 as follows -\n(a)\nin subsection (1), by deleting the words \u201c(and, as permitted,\nrequesting)\u201d and by substituting the word \u201crequesting\u201d;\n(b) by inserting after subsection (1) the following subsection -\n\u201c(1A)\nIn analysing disclosures under subsection (1) the\nFinancial Reporting Authority shall, among other types of\nanalyses,  carry out the following types of analyses -\n(a) operational analysis, in which the Financial\nReporting Authority shall use available and\nobtainable information to -\n(i)\nidentify specific targets;\n(ii) follow the trail of particular activities\nor transactions; and\n(iii) determine links between targets under\nsubparagraph\n(i)\nand\npossible\nproceeds of crime, money laundering,\npredicate\noffences\nand\nterrorist\nfinancing; and\n(b) strategic analysis, in which the Financial\nReporting Authority shall use available and\nobtainable information, including data that\nmay be provided by other competent\nauthorities, to identify money laundering\nand terrorist financing related trends and\npatterns.\u201d;\n(c)\nin subsection (2) as follows -\n(i)\nby inserting after paragraph (c) the following paragraph -\nAmendment of   section\n4 - powers, functions\nand duties of Financial\nReporting Authority\n\nThe Proceeds of Crime (Amendment) Bill, 2017\n\n7\n\u201c(ca) may disseminate, in its discretion or upon request,\ninformation and results of any analysis to the\nMonetary Authority, any public body to whom the\nCabinet has assigned the responsibility of monitoring\ncompliance with money laundering regulations under\nsection 4(9), and any law enforcement agency within\nthe Islands, and shall use dedicated, secure and\nprotected channels for such dissemination;\u201d; and\n(ii) in paragraph (e), by deleting the words \u201cwith the consent\nof\u201d; and by substituting the words \u201c after consultation\nwith\u201d;\n(d) in subsection (9) by deleting the word \u201csector\u201d; and\n(e)\nby inserting after subsection (9) the following subsections -\n\u201c(10) For the purpose of this section \u201cdedicated, secure and\nprotected channels\u201d means the method by which information is\ndisseminated.\n (11) The method employed under subsection (10) should\ndisseminate information in such a manner so as to ensure that the\ninformation is not accessed by a person for whom the\ninformation was not intended\u201d.\n4.\nThe principal Law is amended in section 11(b) by deleting the words \u201con or\nbefore 30 September in each year\u201d and substituting the words \u201cno later than three\nmonths after the date of the end of the financial year\u201d.\n5.\nThe principal Law is amended in section 114 by inserting after subsection\n(2) the following subsection -\n\u201c(3) As soon as reasonably possible after a seizure is made by a\ncustoms officer under this section, the Collector of Customs shall report the\nseizure to the Financial Reporting Authority.\u201d.\n6.\nThe principal Law is amended in section 136(5)(a) by inserting after the\nwords \u201cMonetary Authority\u201d the words \u201cor by any other public body or selfregulatory body to whom the Cabinet has assigned the responsibility of\nmonitoring compliance with money laundering regulations under section 4(9).\u201d .\n7.\nThe principal Law is amended in section 137 as follows -\n(a)\nin subsection (4)(a), by deleting the words \u201cor any other\nappropriate body\u201d and substituting the words \u201c or by any other\npublic body or self-regulatory body to whom the Cabinet has\nAmendment of section\n11- annual report of\nFinancial Reporting\nAuthority\nAmendment of section\n114 - seizure of cash\nAmendment of section\n136 - failure to disclose\nAmendment of section\n137 - failure to disclose:\nnominated officers\n\nThe Proceeds of Crime (Amendment) Bill, 2017\n\n8\nassigned the responsibility of monitoring compliance with money\nlaundering regulations under section 4(9);\u201d;\n(b) in subsection (4)(b), by inserting after the words \u201cMonetary\nAuthority\u201d the words \u201cor by any other public body or selfregulatory body to whom the Cabinet has assigned the\nresponsibility of monitoring compliance with money laundering\nregulations under section 4(9)\u201d; and\n(c)\nby repealing subsection (5).\n8.\nThe principal Law is amended in section 138 (1)(b) by inserting after the\nwords \u201cresponsibility for international tax matters\u201d the words \u201c, any public body\nto whom the Cabinet has assigned the responsibility of monitoring compliance\nwith money laundering regulations under section 4(9)\u201d.\n9.\nThe principal Law is amended in section 144 by repealing subsection (5)\nand substituting the following subsections -\n\u201c(5) A person benefits from criminal conduct if that person obtains\nproperty as a result of or in connection with the conduct.\n(5A) Where a person is required to make a determination as to whether\nproperty was obtained through criminal conduct under this Law  -\n(a) it is immaterial whether or not any money, goods or\nservices were provided in order to put the person in\nquestion in a position to carry out the conduct; and\n(b) it is not necessary to show that the conduct was of a\nparticular kind if it is shown that the property was obtained\nthrough conduct of one of a number of kinds, each of which\nwould have been criminal conduct.\u201d.\n10. The principal Law is amended in paragraph 6(2) of Schedule 5 by deleting\nthe words \u201csection 45\u201d and substituting the words \u201csection 45(2) to (7)\u201d.\nAmendment of section\n138 - disclosure by the\nFinancial Reporting\nAuthority\nAmendment of section\n144 - interpretation\nAmendment of Schedule\n5 - modifications to the\nLaw when applied to\nexternal confiscation\norders and related\nproceedings\n\nThe Proceeds of Crime (Amendment) Bill, 2017\n\n9\n\n11. The principal Law is amended in paragraph 11 of Schedule 6 by inserting\nafter the word \u201cmanagement\u201d the word \u201cand\u201d.\n\nPassed by the Legislative Assembly the          day of\n        , 2017.\n\nSpeaker.\n\nClerk of the Legislative Assembly.\n\nAmendment of Schedule\n6 - activities falling\nwithin the definition of\n\u201crelevant financial\nbusiness\u201d","akn_extracted_at":"2026-06-22 15:41:10.072838+00","cms_id":"2017-0026","law_type":"bill","year":"2017","number":"26","title":"2017-0026","status":"bill"},"provenance":{"files":[{"file_id":"6934","expr_id":"2135","kind":"akn_xml","filename":"2017-0026.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/BILLS\/2017\/2017-0026\/2017-0026.akn.xml","content_md5":"4cd3d92110721b706d7529808f8b3a7c","byte_size":"15765","http_last_modified":null,"fetched_at":"2026-06-22 15:41:10.255751+00"},{"file_id":"4269","expr_id":"2135","kind":"pristine_pdf","filename":"2017-0026.pdf","source_url":"\/cms\/images\/LEGISLATION\/BILLS\/2017\/2017-0026\/2017-0026.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/BILLS\/2017\/2017-0026\/2017-0026.pdf","content_md5":"a6800afbf24424708b8b57739c236877","byte_size":"48903","http_last_modified":null,"fetched_at":"2026-06-16 04:01:11.244559+00"},{"file_id":"4270","expr_id":"2135","kind":"working_pdf","filename":"2017-0026.pdf","source_url":"\/cms\/images\/LEGISLATION\/BILLS\/2017\/2017-0026\/2017-0026.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/BILLS\/2017\/2017-0026\/2017-0026.pdf","content_md5":"a6800afbf24424708b8b57739c236877","byte_size":"48903","http_last_modified":null,"fetched_at":"2026-06-16 04:01:11.244559+00"}],"paragraph_count":3,"latest_history":null},"quality":{"expr_id":"2135","doc_id":"2135","quality_state":"known_issue","quality_score":"63","needs_human_review":"t","deterministic_categories":"{commencement_metadata_problem,duplicate_text,page_header_footer_noise,title_mismatch}","llm_categories":"{}","repair_actions":"{collapse_duplicate_text,strip_page_furniture,verify_commencement_metadata,verify_title_metadata}","finding_severity_counts":"{\"low\": 3, \"high\": 1}","finding_summary":"stored title is not visible in the opening extracted text; repeated line furniture detected: the proceeds of crime amendment bill 2017 x10; authority x3; amendment of section x7","assessed_at":"2026-06-22 15:29:46.20729+00","updated_at":"2026-06-22 15:29:46.20729+00"}}