British Caribbean Insurance Company Limited
is committed to full compliance with all applicable laws and regulations regarding The Money Laundering Act, 1996 (MLA 1996) and the Money Laundering Regulations, 1997 (MLR 1997).
The Company's Position
The Company has adopted and will enforce the provisions in accordance with Section 7. – (1) of the MLA 1996 in order to prevent and detect money laundering, terrorist financing and other illegal activities.
If the Company, its personnel and/or premises are inadvertently used for money laundering or other illegal activities, the Company can be subject to potentially serious civil and/or criminal penalties. Therefore, it is imperative that every employee, officer, director, is familiar with and complies with the policies and procedures set forth in the Law.
Legislation covering money laundering:
The Money Laundering Act, 1996 and Regulations (“The MLA”) – makes it an offense to launder funds, requires financial institutions to report transactions which it suspects relate to laundered funds and to implement procedures to detect and report incidents of money laundering.
The Drug Offences (Forfeiture of Proceeds) Act, 1994 provides for the forfeiture of property of persons convicted under this Act and/or the Money Laundering Act and in circumstances where the property is derived from activities, which are illegal under these Acts.
The Dangerous Drugs Act, 1948 that defines which drug activities are illegal under the Act.
Financial Services Commission (FSC) Legislation; Pursuant to powers granted to the Financial Services Commission (FSC) under the FSC Act 2001 (Section 6(2)(f) and being named a competent authority under the Money Laundering Act in 2003 the FSC has been mandated to implement measures designed to reduce the possibility of a financial institution (including those regulated under the Insurance Act) being used for any purpose connected with an offence involving (inter alia) money laundering. The FSC therefore carries out administrative and supervisory regulation with respect to money laundering issues.
The Financial Investigation Division (FID) of the Ministry of Finance as the Designated Authority receives analyses and investigates all reports submitted under the Act.
Enforcement is carried out by the Director of Public Prosecutions.
Source References: Money Laundering article published by Financial Services Commission
