Regulatory Alerts2023-08-01
Proceeds of Crime (Amendment) Act 2022
The Parliament of The Bahamas enacted the Proceeds of Crime (Amendment) Act 2022, which modifies the principal Proceeds of Crime Act, 2018. This Act redefines "nominated officer" as "Money Laundering Reporting Officer" (MLRO), requiring registration with the Financial Intelligence Unit for reporting suspected money laundering, and expands the list of regulatory bodies involved in anti-money laundering efforts. Furthermore, it mandates the circulation of foreign financial institution lists for enhanced due diligence and stipulates that documents obtained via production orders are admissible in court as prima facie evidence.
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