Regulatory Alerts2023-03-21
Proceeds of Criminal Conduct (Amendment) Act, 2023
The Legislature of the Virgin Islands enacted the Proceeds of Criminal Conduct (Amendment) Act, 2023 to amend the principal Act regarding penalties, definitions, and investigative powers. The legislation increases maximum fines and imprisonment terms for various offenses, reduces certain statutory time limits, and introduces an account monitoring order mechanism to assist money laundering investigations. Additionally, the Act clarifies information sharing obligations within financial groups and updates references to specific sections of the principal Act.
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