Proceeds of Crime (Designated Countries and Territories) Order 1998

Summary

This Order, made under section 53 of Bermuda's Proceeds of Crime Act 1997, designates specific countries and territories for the purposes of Bermuda's proceeds of crime confiscation regime. It sets out how Bermuda courts and the Attorney-General recognise, prove and enforce external confiscation orders and related proceedings originating in those designated countries, and modifies the Proceeds of Crime Act 1997 as it applies to such external orders and proceedings.

• Designation of countries: Schedule 1 lists designated countries and territories and, where applicable, their appropriate authority (e.g. Attorney General, Ministry of Justice) for purposes of mutual assistance in confiscation matters.
• Evidence and proof rules: Sets rules for how orders, judgments, and certificates from a designated country's courts or appropriate authority are proved and admitted as evidence in Bermuda Supreme Court proceedings.
• Registration of external confiscation orders: Establishes the process by which the Attorney-General may register an external confiscation order from a designated country with the Registrar of the Supreme Court, subject to specified certification requirements.
• Currency conversion: Provides the method for converting amounts payable under external confiscation orders or recovered property values into Bermuda currency, and allows a Bermuda bank officer's certificate as evidence of the applicable exchange rate.
• Modifications to the Proceeds of Crime Act 1997: Schedules 2 and 3 modify how core provisions of the Act (e.g. definitions of defendant, institution and conclusion of proceedings, confiscation order satisfaction) apply to external confiscation orders and proceedings in designated countries.

The Order is primarily a mechanism for judicial and prosecutorial mutual legal assistance rather than a direct compliance regime for regulated firms. It does not impose ongoing reporting, licensing, or filing obligations on financial institutions; its main practical relevance for compliance officers is understanding which countries are recognised for mutual enforcement of confiscation orders and how related evidence and certificates are treated in Bermuda proceedings.

Applies to

banks (for exchange rate certification purposes), Supreme Court of Bermuda, Attorney-General

Related documents

• This document is made under Proceeds of Crime Act 1997