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Montserrat Financial Intelligence Unit Act, 2023: An Overview

The Montserrat Financial Intelligence Unit Act, 2023 is a comprehensive legislation that establishes a framework for the supervision and regulation of financial intelligence on the island. This article provides an analysis and summary of the key provisions of the Act.

Structure

The Act is divided into five parts:

Part 1: Preliminary Matters

This part sets out the foundation for the Act, including definitions and interpretation of key terms.

Part 2: Establishment of the Supervisory Board

This part establishes the Supervisory Board, which is responsible for overseeing the Financial Intelligence Unit.

Part 3: Membership

This part outlines the composition of the Supervisory Board, including the membership criteria and appointment process.

Part 4: Disqualification, Removal, and Resignation of Members

This part addresses the circumstances under which members may be disqualified or removed from office, as well as the process for resignation.

Part 5: Meetings and Proceedings

This part sets out the rules and procedures governing the meetings and proceedings of the Supervisory Board.

Key Provisions

• Establishment of the Supervisory Board: The Act establishes a Supervisory Board to oversee the Financial Intelligence Unit.
• Membership: The Supervisory Board consists of six members:
  • Three ex-officio members (the Attorney General, the Financial Secretary, and the Commissioner of Police)
  • One member appointed by the Governor with expertise in law enforcement or financial regulation
• Functions: The Supervisory Board is responsible for:
  • Coordinating financial intelligence
  • Guiding the Director on Unit operations
  • Providing policy advice to the Government
  • Advising on money laundering risks
  • Supporting the Governor
  • Undertaking assigned responsibilities under other enactments

Disqualification, Removal, and Resignation of Members

Members may be disqualified or removed if they have a criminal record, are bankrupt or insolvent, or misconduct themselves in their duties. They can also resign by written notice to the Governor.

Meetings and Proceedings

The Supervisory Board shall regulate its own procedure and meet as often as necessary or expedient for the discharge of its functions.

Other Notable Provisions

• A member appointed under Section 14(1)(b) may be paid an allowance approved by the Governor acting on Cabinet advice.
• Vacancies in membership can occur due to various reasons, including death, resignation, or misconduct.
• The Governor may appoint a temporary member to act in place of a incapacitated member for up to six months.