The Proceeds of Crime Law 2008

The Proceeds of Crime Law (2008) replaces the Proceeds of Criminal Conduct Law and came into effect on 30 September 2008. The Proceeds of Crime Law contains new provisions on civil forfeiture, confiscation and investigative and enforcement powers and also overhauls important areas relating to money laundering and reporting offences and defences.

The Proceeds of Crime Law is supported by the Money Laundering Regulations (2008 Revision) and Guidance Notes on the Prevention and Detection of Money Laundering and Terrorist Financing in the Cayman Islands. Modernisation of its all-crimes anti-money laundering regime ensures that the Cayman Islands shall remain in compliance with the Financial Action Task Force Recommendations.

The changes made towards the end of 2008 to the AML regime in the Cayman Islands were in response to recommendations from the Caribbean Financial Action Task Force (CFATF). As a result of these changes, the Cayman Islands now rank alongside other major jurisdictions as being in compliance with international AML standards. The new provisions mirror the latest versions of the UK Proceeds of Crime and Serious Organised Crime and Police Acts, while seeking to address some of the problems initially encountered by that legislation.