Proceeds of Crime (Amendment) Act, 2023 (Commencement) Order, 2024 (SL 1 of 2024)

Summary

This is a Commencement Order made by the Cayman Islands Cabinet that brings the Proceeds of Crime (Amendment) Act, 2023 (Act 12 of 2023) into legal force. It does not itself create new AML/CFT obligations but fixes the dates on which the amending Act's provisions take effect.

• 31 January 2024: Most of the Proceeds of Crime (Amendment) Act, 2023 comes into force on this date.
• 30 April 2024: Three specific provisions -- sections 11, 12 and 13 of the amending Act -- are delayed and come into force later, on this date.

The Order does not describe the substantive content of sections 11-13 or the rest of the amending Act; readers needing to know what those provisions actually change to the Proceeds of Crime Act should consult the text of the Proceeds of Crime (Amendment) Act, 2023 itself. Because this is purely a commencement mechanism, it does not name categories of regulated entities or impose direct compliance duties; any obligations flow from the substantive provisions of the underlying amendment Act once each part takes effect on its respective date.

Deadlines

• 31st January, 2024: General commencement date on which the Proceeds of Crime (Amendment) Act, 2023 comes into force (excluding sections 11, 12 and 13).
• 30th April, 2024: Commencement date for sections 11, 12 and 13 of the Proceeds of Crime (Amendment) Act, 2023.