Regulatory Alerts2021-06-22
Proceeds of Criminal Conduct (Amendment) Act, 2021
The Legislature of the Virgin Islands enacted this Act to amend the Proceeds of Criminal Conduct Act, 1997, by expanding the definition of property to include virtual assets and introducing new definitions for money laundering and terrorist financing. The legislation establishes a National Anti-money Laundering and Terrorist Financing Coordinating Council to oversee policy compliance and mandates that the Financial Investigation Agency serve as the central authority for receiving suspicious transaction reports. Additionally, the Act requires concurrent investigations of related money laundering offences, updates various procedural sections by replacing references to the Steering Committee with the Agency, and clarifies powers regarding the seizure of cash linked to criminal conduct.