Proceeds of Crime Amendment Act 2000
PROCEEDS OF CRIME AMENDMENT ACT 2000

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BERMUDA
2000 : 35

PROCEEDS OF CRIME AMENDMENT ACT 2000

[Date of Assent: 29 August 2000]

[Operative Date: 1 June 2001]

WHEREAS it is expedient to amend the Proceeds of Crime Act
1997 and repeal the Proceeds of Crime Amendment Act 1999;

Be it enacted by The Queen's Most Excellent Majesty, by and
with the advice and consent of the Senate and the House of Assembly of
Bermuda, and by the authority of the same, as follows:

Short title and commencement
1 (1) This Act may be cited as the Proceeds of Crime Amendment
Act 2000.

(2) This Act comes into operation on such day as the Minister
of Finance may appoint by notice published in the Gazette.

Amendment of definition of "relevant offence"
2 (1) In section 3 of the Proceeds of Crime Act 1997 ("the
principal Act"), for the definition of "relevant offence" there shall be
substituted—

" "relevant offence" means—

(a) any indictable offence in Bermuda other than a drug
trafficking offence; or

PROCEEDS OF CRIME AMENDMENT ACT 2000

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(b) any act or omission which, had it occurred in
Bermuda, would have constituted an indictable
offence other than a drug trafficking offence."

(2) The Schedule to the principal Act (which is superseded by
the new definition of "relevant offence") is repealed.

Use of guidance notes in criminal proceedings
3 After section 49 of the principal Act there shall be inserted—

"Use of guidance notes
49A In determining whether a person has committed an
offence under this Act the court shall take account of any
relevant guidance issued by the National Anti-Money Laundering
Committee."

Repeal of Act No 39 of 1999
4 The Proceeds of Crime Amendment Act 1999 is repealed.

Confiscated Assets Fund
5 (1) After section 55 of the principal Act there shall be inserted—

"Confiscated Assets Fund
55A (1) There shall be established a fund to be known as the
Confiscated Assets Fund ("the Fund").

(2) There shall be paid into the Fund—

(a) proceeds of criminal conduct recovered under a
confiscation order;

(b) cash forfeited under Part VI;

(c) money forfeited under section 37 of the Misuse of
Drugs Act 1972;

(d) money paid to the Government of Bermuda by a
foreign jurisdiction in respect of confiscated assets,
whether under a treaty or arrangement providing for
mutual assistance in criminal matters or otherwise.

(3) The Minister of Finance may, after consulting the
National Anti-Money Laundering Committee, authorise payments
to be made out of the Fund—

(a) for purposes related to—

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(i) law enforcement, including in particular the
investigation of suspected cases of drug
trafficking and money laundering;

(ii) treatment and rehabilitation of drug addicts;
and

(iii) public education in relation to drug
addiction;

(b) to satisfy an obligation of the Government of
Bermuda to a foreign jurisdiction in respect of
confiscated assets, whether under a treaty or
arrangement providing for mutual assistance in
criminal matters or otherwise;

(c) to meet the expenses of the National Anti-Money
Laundering Committee;

(d) to meet the remuneration and expenses of a receiver
appointed under this Act;

(e) to pay compensation or costs awarded under this
Act;

(f) to cover costs associated with the administration of
the Fund.

Administration of the Fund
55B (1) The moneys paid into the Fund shall be invested in
accordance with the Public Funds Act 1954, and the income
earned from such investments shall be paid into the Fund.

(2) The financial year of the Fund shall end on 31st March
in each year.

(3) The Minister of Finance shall cause proper accounts,
and proper records in relation to the accounts, of the Fund to be
kept, and shall cause to be prepared in respect of each financial
year a statement of the accounts of the Fund in such form as the
Minister may direct.

(4) Within six months after the end of each financial year,
the Minister shall send to the Auditor a copy of the statement of
accounts for that financial year.

(5) The Auditor shall examine every statement of accounts
received by him under this section and shall make a report in
writing on the statement to the Minister.

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(6) The Minister shall lay before each House of the
Legislature a copy of the Auditor's report."

Consequential amendments
6 (1) In section 7 of the principal Act (definitions), in the
appropriate place in alphabetical order there shall be inserted—

""Confiscated Assets Fund" means the Fund established
under section 55A;"

(2) At the end of section 34(2) of the principal Act (expenses of
receiver to be paid out of the Consolidated Fund) there shall be added "or
the Confiscated Assets Fund".

(3) At the end of section 60(7) of the principal Act
(compensation to be paid out of the Consolidated Fund) there shall be
added "or the Confiscated Assets Fund".

(4) At the end of section 61(3) of the principal Act (costs to be
paid out of the Consolidated Fund) there shall be added "or the
Confiscated Assets Fund".

(5) In section 4 of the Public Funds Act 1954 (management of
specified public funds), at the end of subsection (5)(c) there shall be
added—

"(vii) the Confiscated Assets Fund established
under section 55A of the Proceeds of Crime
Act 1997."