Attorney General‘s Chambers
10th May 2013
PROCEEDS OF CRIME (AMENDMENT) BILL 2013 Arrangement of Clauses CLAUSE 1. Short title and commencement 2. Interpretation 3. Section 2 amended 4. Sections 148F to 148T amended 5. Substitution of heading
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Attorney General‘s Chambers
10th May 2013
TURKS AND CAICOS ISLANDS A PROPOSAL FOR A
BILL FOR AN ORDINANCE TO AMEND THE PROCEEDS OF CRIME ORDINANCE; AND FOR CONNECTED PURPOSES.
ENACTED by the Legislature of The Turks and Caicos Islands.
Short title and commencement 1. This Ordinance may be cited as the Proceeds of Crime (Amendment) (No.2) Ordinance 2013 and shall come into operation on such day as the Governor may appoint by Notice published in the Gazette.
Interpretation 2. In this Ordinance the ―principal Ordinance‖ means the Proceeds of Crime Ordinance.
Section 2 amended 3. Section 2(1) of the principal Ordinance is amended— (a) by repealing the definitions of ―non-regulated financial business‖ and ―NRFB Supervisor‖; (b) by inserting in the appropriate alphabetical positions the following definitions: ――designated non-financial business and profession‖ means a financial business that is not a regulated financial business; and ―DNFBP Supervisor‖ means the person or body prescribed as the supervisory authority for designated non-financial financial businesses and professions;‖; and (c) in the definition of ―supervisory authority‖ by repealing the words ―non-regulated financial businesses‖ and substituting ―designated nonfinancial business and professions‖.
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Attorney General‘s Chambers
10th May 2013
Sections 148F to 148T amended 4. The principal Ordinance is amended— (a) in sections148F(2) and 148R(1) by repealing the words ―non-regulated financial businesses‖ in each place they occur and substituting ―designated non-financial businesses and professions‖; (b) in sections 148I, 148J, 148K, 148L, 148M, 148N, 148O and 148Q by repealing the words ―nonregulated financial business‖ in each place they occur and substituting ―designated non-financial business and profession‖; (c) in sections 148F, 148H, 148I, 148J, 148K, 148L, 148M, 148N, 148O, 148P, 148Q, 148R and 148T by repealing the words ―NRFB Supervisor‖ in each place they occur and substituting ―DNFBP Supervisor‖; (d) in section 148J(b) by repealing the words ―NRFB Supervisor‘s‖ and ―non-regulated financial business‘s‖ and substituting ―DNFBP Supervisor‘s‖ and ―designated non-financial business and profession‘s‖, respectively.
Substitution of heading 5. The heading ―Powers of NRFB Supervisor‖ before section 148I of the principal Ordinance is repealed and the following heading substituted: “Powers of DNFBP Supervisor”. ____________------------
PASSED by the House of Assembly this
day of
Tracey Parker
Robert Hall
Clerk to House of Assembly
Speaker
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2013.
Attorney General‘s Chambers
10th May 2013
EXPLANATORY MEMORANDUM This Bill seeks to amend the Proceeds of Crime Ordinance to repeal the term ―non-regulated financial business‖ or its acronym ―NRFB‖ and to substitute the term ―designated non-financial business and profession‖ or its acronym ―DNFBP‖. A non-regulated financial business is a financial business that is not a regulated financial business. Non-regulated financial businesses or designated non-financial businesses and professions are— (a) Casinos; (b) Real estate agents; (c) Dealers in precious metals; (d) Dealers in precious stones; (e) Lawyers, notaries, other independent legal professionals and accountants – this refers to sole practitioners, partners or employed professionals within professional firms. It is not meant to refer to ‗internal‘ professionals that are employees of other types of businesses, nor to professionals working for government agencies, who may already be subject to AML/CFT measures; (f) Trust and Company Service Providers. The Financial Action Task Force, which is the international standard setter in regard to Anti-money laundering and combating of terrorist financing, uses the term ―designated nonfinancial business and profession‖ to refer to financial businesses that are not regulated. It is the view of the Financial Services Commission that the differences in the terms may lead to confusion and for consistency it is better to adopt the FATF terminology.
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