Title: St. Helena’s Money Laundering Ordinance: Combating Financial Crime on the Remote Island

Introduction

St. Helena, a British Overseas Territory in the South Atlantic Ocean, has implemented stringent anti-money laundering laws to safeguard its economy and prevent financial crimes. This article discusses the St. Helena Money Laundering Ordinance of 2008 and its key provisions.

Overview of the St. Helena Money Laundering Ordinance

The following is a summary of the St. Helena Money Laundering Ordinance:

Part I: Preliminary Provisions

Citation, Commencement, and Short Title
Definitions and Interpretations

Part II: Prohibited Acts

Concealing, disguising, converting, or transferring criminal property
Entering into or becoming concerned in an arrangement that facilitates the acquisition, retention, use, or control of criminal property by another person
Possession, acquisition, or use of criminal property

Part III: Authorised Disclosures

Disclosures made to specific authorities

Part IV: Tipping off

Disclosing to a third party information that is likely to prejudice an investigation following a disclosure under Section 6

Part V: Regulatory Authority

Establishment of the Money Laundering Reporting Authority

Part VI: Reporting Obligations

Issuance of Directives to persons engaged in relevant activities
Power of customs officers and constables to search for and seize cash suspected to be criminal property

Part VII: Forfeiture and Confiscation of Property

Conﬁscation or freezing of criminal property
Restitution to a third party with a legitimate claim on the forfeited property

Part VIII: Miscellaneous and Consequential Provisions

Provisions concerning penalties, offenses, and other miscellaneous matters

Preliminary Provisions

Citation, Commencement, and Short Title

The Ordinance is referred to as the Money Laundering Ordinance 2008.
It came into force on a specified date.

Definitions and Interpretations

Explanation of defined terms in the Ordinance.

Prohibited Acts

Concealing, Disguising, Converting, or Transferring Criminal Property

Section 3 outlines offenses related to criminal property.

Entering into or Becoming Concerned in an Arrangement that Facilitates Acquisition, Retention, Use, or Control of Criminal Property by Another Person

Section 4 details this offense.

Possession, Acquisition, or Use of Criminal Property

Section 5 describes unlawful possession and use of criminal property.

Authorised Disclosures

Section 6 explains disclosures made to specific authorities.

Tipping off

Section 8 discusses disclosing to a third party information that could prejudice an investigation.

Regulatory Authority

Section 9 explains the establishment and functions of the Money Laundering Reporting Authority.

Reporting Obligations

Issuance of Directives to Persons Engaged in Relevant Activities

Section 10 outlines the Regulatory Authority’s power to issue Directives.

Power of Customs Officers and Constables to Search for and Seize Cash Suspected to be Criminal Property

Section 12 details the power of customs officers and constables.

Forfeiture and Confiscation of Property

Conﬁscation or Freezing of Criminal Property

Section 11 discusses the court’s power to confiscate or freeze criminal property.

Restitution to a Third Party with a Legitimate Claim on the Forfeited Property

Section 13 explains the conditions for restitution to a third party.

Miscellaneous and Consequential Provisions

Various provisions, including penalties, offenses, and other miscellaneous matters.

Conclusion

The St. Helena Money Laundering Ordinance of 2008 provides comprehensive measures to deter and punish money laundering and related crimes. These robust laws ensure the island maintains an unblemished reputation and protects both its economy and the international community from illicit finance.