Financial Crime World

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ST HELENA GOVERNMENT INTRODUCES NEW MEASURES TO COMBAT MONEY LAUNDERING

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The St Helena Government has introduced new regulations to curb money laundering and terrorist financing. The measures aim to give customs officers and police the power to seize any cash suspected of being linked to criminal activity or intended for use in illegal conduct.

New Regulations Outlined in Part II of the Money Laundering Ordinance

According to the ordinance, “cash” includes notes and coins, postal orders, cheques, bankers’ drafts, and bearer bonds and shares. The powers can only be exercised with prior approval from a justice of the peace or a senior officer, unless it is not practicable to obtain such approval beforehand.

Powers of Seizure and Detention

Customs officers and police may detain seized cash for up to 48 hours before applying to a magistrates’ court for an extension. The court must satisfy itself that there are reasonable grounds for suspecting the cash is linked to criminal activity or intended for use in illegal conduct, and that its continued detention is justified while investigations continue.

Interest Payment and Release of Seized Cash

The ordinance also provides for the payment of interest on detained cash, which will be added to it if it is later forfeited or released. Additionally, a magistrates’ court may direct the release of seized cash if the conditions for its detention are no longer met.

Purpose of the Measures

The St Helena Government has emphasized that these measures are designed to combat money laundering and terrorist financing, and to protect the financial system from illegal activities.

Key Points

  • Customs officers and police can seize cash suspected of being linked to criminal activity or intended for use in illegal conduct.
  • Prior approval required from a justice of the peace or senior officer, unless impracticable.
  • Detained cash may be extended by up to 48 hours by application to a magistrates’ court.
  • Court must satisfy itself that conditions for detention are met and continued detention is justified.
  • Interest will be paid on detained cash and added if it is later forfeited or released.
  • Magistrates’ court can direct release of seized cash if conditions for detention are no longer met.

Contact

For further information, please contact the St Helena Government’s Press Office at [insert contact details].