A new civil forfeiture law is proposed by the Chief Minister in response to recommendations made by international assessors. The law aims to provide a complete framework for the confiscation of monies that are tainted with suspicions of criminal conduct. The concept of the proposals will be welcomed by industry where significant funds are believed to be frozen under a no-consent regime. Currently there is no satisfactory way forwards for banks regarding the use or paying away of funds that are not proven to be linked to criminal conduct but where “no-consent” to paying away is given by the authorities. The regime would add a further category of assets that are subject to forfeiture.
Comments are invited by 1 November 2017.