Proceeds of Crime Act

Proceeds of Crime Act
The Proceeds of Crime Act 6 of 2012 provides for the confiscation of cash and other property which is determined to be the proceeds of drug trafficking or other relevant offences. The FIU liaises with and assist the Director of Public Prosecution to take appropriate action to confiscate illicit proceeds. Confiscated assets have various positive outcomes.  
  • It deprives the criminal of the benefits of wealth
  • It denies the criminals the opportunity to invest ill-gotten gains
  • Provides additional funds to the Government of Grenada, to strengthen law enforcement agencies.

This amendment speaks to the Registration of Regulated Entities – it refers to all the registration of all relevant persons carrying on relevant business listed in the Proceeds of Crime Regulations- Section 2 (a) to (m) including Non-profit Organisations.

This amendment to the Principal Act No. 6 of 2012 gives the ECCB, the powers of supervision of all licensed Financial Institutions with the AML/CFT Legislations.

This amendment to the principal act speaks to the following:- Civil Recovery; Cash detention; forfeiture and more ………

This Act speaks to the following; issuing of the Guidelines; The Commission; The Regulations and more ………….