Monday, October 5 2009

FOLLOWING passage of the Validation and Immunity from Proceedings Bill 2009 last Thursday in the Senate, Government will now turn its attention to the Proceeds of Crime Amendment Bill 2009 when the Upper House of Parliament sits today at 1.30 pm. Attorney General John Jeremie is expected to pilot this bill which Government passed in the House of Representatives on June 3.

The bill will enable Trinidad and Tobago to have a higher compliance rating with the revised 40 recommendations of the Financial Action Task Force on money laundering and the nine special recommendations on terrorist financing.

Once passed, the legislation will authorise the Attorney General to sign an agreement with a government of a foreign state for “reciprocal sharing of the proceeds from the disposition of property confiscated, forfeited or seized from the defendant.”

A person found guilty of an offence under Sections 43 to 46 of this Act, is liable on conviction on indictment, to a fine of $25 million and to imprisonment for 15 years.

Anyone found guilty of an offence under Section 51 is liable on summary conviction to a fine of $5 million and imprisonment for five years.

The bill also complements the provisions of the Financial Intelligence Unit (FIU) Bill 2009 which was passed in the House last Wednesday. The Senate sits tomorrow at 10 am to debate the FIU Bill.

The House has been adjourned to a date to be fixed.