Financial Crime World

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Governor Acts on Financial Reporting Authority Reforms

In a move to strengthen anti-money laundering efforts, Governor [Name] has exercised discretion in consultation with the Anti-Money Laundering Steering Group, appointing officials and outlining their terms of service.

New Responsibilities for Financial Reporting Authority

According to amendments made to the Proceeds of Crime (Amendment) Law, 2017, the Financial Reporting Authority will now be responsible for:

  • Analyzing disclosures under Section 4
  • Conducting operational analysis to identify specific targets, follow trails of particular activities or transactions, and determine links between targets and possible proceeds of crime
  • Conducting strategic analysis to identify money laundering and terrorist financing related trends and patterns

Key Reforms

Additionally, the Governor has appointed officials in writing by the Chief Officer of the Portfolio charged with responsibility for Legal Affairs, after consultation with the chairman of the Anti-Money Laundering Steering Group.

Other key reforms include:

  • The Financial Reporting Authority will now disseminate information to:
    • The Monetary Authority
    • Public bodies responsible for monitoring compliance with money laundering regulations
    • Law enforcement agencies within the Islands, using dedicated, secure, and protected channels
  • Customs officers are required to report seizures to the Financial Reporting Authority within 30 days
  • Public bodies and self-regulatory bodies assigned responsibility for monitoring compliance with money laundering regulations will now be notified of failures to disclose information

Enhancing Anti-Money Laundering Efforts

The reforms aim to enhance the effectiveness of anti-money laundering efforts in the Islands, ensuring that financial institutions and individuals are held accountable for their actions.

Key Amendments

Here are the key amendments:

  1. Financial Reporting Authority appointments made by Governor after consultation with Anti-Money Laundering Steering Group
  2. Authority required to conduct operational and strategic analysis on disclosures under Section 4
  3. Information dissemination requirements strengthened, including use of dedicated, secure, and protected channels
  4. Customs officers required to report seizures to Financial Reporting Authority within 30 days
  5. Public bodies and self-regulatory bodies assigned responsibility for monitoring compliance with money laundering regulations notified of failures to disclose information

Legislative Assembly Approval

The amendments were passed by the Legislative Assembly on November 16, 2017.