Barbados Property Sales
M) Money Laundering and Financial Crimes
The Terrorism (Suppression of Financing) Act, passed in 2002, criminalizes terrorist financing, although the provisions of the Act are actually much broader. In addition to making it a criminal offense to deal with terrorist property (including financial assets), the Act criminalizes the provision or collection of any property (including financial assets) with the intention that the property be used, or having reasonable grounds to believe that the property will be used, to commit any terrorist act or for various terrorist purposes. The Act also provides that any person in Singapore, and every citizen of Singapore outside Singapore, who has information about any transaction or proposed transaction in respect of terrorist property, or who has information that he/she believes might be of material assistance in preventing a terrorism financing offense, must immediately inform the Police. The Act gives the authorities the power to freeze and seize terrorist assets. The Act, which supplemen ... [Read More]
International Narcotics Control Strategy Reports
U.S. DEPARTMENT OF STATE INTERNATIONAL NARCOTICS CONTROL STRATEGY REPORTMARCH 1995BUREAU FOR INTERNATIONAL NARCOTICS AND LAW ENFORCEMENT AFFAIRSTHE CARIBBEAN 157Bahamas 159 Cuba 165 Dominican Republic 168 Guyana 173 Haiti 176 Jamaica 180 Netherlands Antilles and Aruba 185 Suriname 187 Trinidad and Tobago 189 Eastern Caribbean 192 Antigua and Barbuda Barbados Dominica Grenada St. Kitts and Nevis St. Lucia St. Vincent and the GrenadinesFrench Caribbean 199 UK Dependent Territories in the Caribbean 200 Anguilla, Montserrat, British Virgin Islands Cayman Islands Turks and ... [Read More]
G) The Caribbean
The Proceeds of Crime Act of 1990 provides for the confiscation of property shown to have been derived or obtained by a person, directly or indirectly, from the commission of certain offenses, including drug trafficking and money laundering, and enables law enforcement authorities to trace such proceeds, benefits, or property. The proceeds from one such case, a fraud and money laundering scheme that had operated in the U.S. and Barbados, netted the GOB $100,000 of the funds ordered forfeited by a U.S. court. In another case, Barbados seized a boat used in drug trafficking following the conviction of the principals. In November 2001, the GOB amended its law to shift the burden of proof to the accused to demonstrate that property in his/her possession or control is derived from a legitimate source. Absent such proof, the presumption will be that the property was derived from the proceeds of crime. Barbados law also provides for freezing bank accounts and prohibiting transactions from sus ... [Read More]
M) Money Laundering and Financial Crimes
The Anti-Money Laundering Office (AMLO) is Thailand’s financial intelligence unit (FIU). Financial institutions (such as banks, finance companies, insurance companies, savings cooperatives, etc.) land registration offices and persons who act as solicitors for investors are required to report significant cash, property, and suspicious transactions. It receives, analyzes, and processes suspicious and large transaction reports as required by the Act. The Business Transactions Committee tasks the AMLO with administrative functions such as collecting evidence and identifying witnesses for money laundering investigations. The Office is also tasked with providing training to the public and private sectors concerning the provisions of the Act. AMLO works with the Business Transactions Committee, which has the authority to seize suspicious money and property and pursue the forfeiture of assets through civil proceedings. AMLO has the responsibility for the custody, management, and disposal of se ... [Read More]
G) The Caribbean
The Proceeds of Crime Act of 1990 provides for the confiscation of property shown to have been derived or obtained by a person, directly or indirectly, from the commission of certain offenses, including drug trafficking and money laundering, and enables law enforcement authorities to trace such proceeds, benefits or property. The GOB has shared in assets forfeited in U.S. legal proceedings and has seized property belonging to convicted drug traffickers. In November 2001, the GOB amended its law to shift the burden of proof to the accused to demonstrate that property in his/her possession or control is derived from a legitimate source. Absent such proof, the presumption is that the property was derived from the proceeds of crime. Barbados law also provides for freezing bank accounts and prohibiting transactions from suspected accounts for up to 72 hours. Under Barbados law anyone convicted of money laundering by the High Court is subject to a fine of $1 million or 25 years in prison or ... [Read More]
The Caribbean
The Proceeds of Crime Act of 1990 provides for the confiscation of property shown to have been derived or obtained by a person, directly or indirectly, from the commission of certain offenses, including drug trafficking and money laundering, and enables law enforcement authorities to trace such proceeds, benefits or property. The GOB confiscated approximately $170,000 under its asset forfeiture laws in 2003 and froze or restrained an additional $122,000 cash and property. The GOB has shared in assets forfeited in U.S. legal proceedings and has seized property belonging to convicted drug traffickers. In November 2001, the GOB amended its law to shift the burden of proof to the accused to demonstrate that property in his/her possession or control is derived from a legitimate source. Absent such proof, the presumption is that the property was derived from the proceeds of crime. ... [Read More]
The Caribbean
The BahamasI. Summary Because of its geographic location, The Bahamas continues to be utilized as a major transit country for cocaine and marijuana bound for the U.S. from South America and the Caribbean. The Government of the Commonwealth of The Bahamas (GCOB) cooperates closely with the United States Government (USG) to stop the flow of illegal drugs through its territory, to target Bahamian drug trafficking organizations, and to reduce the domestic demand for drugs within the Bahamian population. An important bilateral milestone was achieved in June 2004 with the signing of a Comprehensive Maritime Agreement to provide law enforcement officers a ... [Read More]
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