Financial Intelligence Unit Act: Supervisory Board Seeks to Combat Money Laundering and Cybercrime

The Government of Montserrat has established a Supervisory Board, responsible for ensuring compliance with international standards in combating money laundering, terrorist financing, proliferation financing, and cybercrime.

Membership Disqualification and Removal

• Certain individuals are disqualified from serving on the Supervisory Board, including those who have been:
  • Adjudged bankrupt or insolvent
  • Made an assignment or arrangement with creditors
  • Convicted of a criminal offence punishable by six months’ imprisonment or more
• Additionally, elected members of the Legislative Assembly, individuals certified as being mentally ill or of unsound mind are also ineligible for appointment.
• The Governor may revoke the appointment of a member under certain circumstances, including:
  • Bankruptcy, insolvency, or conviction of a criminal offence
  • Contravention of the Act’s provisions or misconduct to the detriment of the public interest

Vacancy in Membership

• A vacancy in membership occurs when a member becomes ineligible for appointment, dies, has their appointment revoked, or resigns in writing.
• In such cases, the Governor shall appoint another person to fill the vacancy.

Filling Vacancies and Temporary Appointments

• The Governor may appoint a temporary replacement if a member is temporarily incapacitated due to illness, absence, or other cause.
• The Governor shall also appoint a new member to fill a vacancy caused by death or resignation of an existing member.

Publication of Changes in Membership

• The appointment, resignation, removal from office, or death of a member shall be published in the Gazette.

Meetings and Proceedings

• The Supervisory Board is responsible for regulating its own procedure.
• Meetings shall be held at least four times a year, either virtually or in person, as determined by the Chairperson.

Ex-Officio Members

• Ex-officio members of the Supervisory Board are required to give priority attendance to meetings, ensuring that they can effectively discharge their duties.

The establishment of this Supervisory Board is an important step towards strengthening Montserrat’s financial intelligence and combating criminal activities. The Act provides a framework for effective governance and ensures that the Board operates in accordance with best practices.