Financial Crime World

Electronic Transfer of Funds Crimes Act, 2006: A Memorandum

Introduction

This memorandum outlines the main purpose and objectives of the Electronic Transfer of Funds Crimes Act, 2006, a bill proposed in Antigua & Barbuda. The bill aims to regulate the transfer of money through electronic means, including via computers, over the Internet or an electronic terminal.

Purpose and Objectives

  • To create offences related to theft, forgery, and other dishonest use of credit cards, debit cards, bank cards, smart cards, or numbers and data associated with such cards
  • To regulate the transfer of funds electronically to prevent financial institutions from disclosing sensitive customer information without consent

Key Provisions

Definitions (Clause 2)

  • Defines key terms used in the Act, including “credit card”, “debit card”, “bank card”, and “smart card”

Offences Relating to Credit/Debit Cards

Taking Possession of a Stolen Card

  • Prohibits individuals from taking possession of a stolen credit/debit card
  • Imposes penalties for those found guilty

Receiving and Retaining a Lost or Misplaced Card

  • Prohibits individuals from receiving and retaining a lost or misplaced credit/debit card
  • Imposes penalties for those found guilty

Offences Relating to Forgery

Obtaining Value by Use of a Forged Card

  • Prohibits individuals from obtaining value by using a forged credit/debit card
  • Imposes penalties for those found guilty

Furnishing Goods and Services on a Stolen or Forged Card

  • Prohibits businesses from furnishing goods and services to customers who use stolen or forged credit/debit cards
  • Imposes penalties for those found guilty

Offences Relating to Trafficking in Counterfeit Cards

  • Prohibits the trafficking of counterfeit credit/debit cards
  • Imposes penalties for those found guilty

Other Key Provisions

  • The Act regulates the use of clearing houses and imposes liability on cardholders who have lost possession of their cards.
  • It also provides a regulation-making power to ensure that the Act remains relevant and effective.

Conclusion

The Electronic Transfer of Funds Crimes Act, 2006 is a comprehensive bill aimed at regulating electronic fund transfers and preventing financial institutions from disclosing sensitive customer information without consent. The Act imposes various offences related to theft, forgery, and other dishonest use of credit cards, debit cards, bank cards, smart cards, or numbers and data associated with such cards.