Date: Friday, February 21st 2020
Contact: Martha Connolly
Tel: (345) 926-3073
Amendment to Customs & Border Control Law Helps to Fight Laundering
To further strengthen Customs and Border Control’s (“CBC”) capacity and capability to adequately identify, investigate and detect cases of money laundering (ML) and terrorist financing (TF), The Customs and Border Control (Amendment) Law, 2019 (“the Law”) and the Customs and Border Control (Money Declarations and Disclosures) Regulations, 2019 came into force on 10 February 2020.
The changes in Law are as a result of recommendations for CBC following the CFATF Mutual Evaluation Report (MER), which now provides CBC with the legislative framework to enhance its response to these critical aspects.
The Law now requires that inbound and outbound passengers transporting currency or Bearer Negotiable Instruments (BNI’s) amounting to CI $10,000 or more, or its equivalent, to truthfully declare such amount by way of stating it on the Customs Declaration Card or by informing a CBC Officer.
In the event that passengers fail to declare or disclose currency or BNI’s or where passengers make a false declaration or a false disclosure, the Law now provides that the Director of the CBC may impose administrative fines. In addition, the fines for non-compliance with declarations/disclosure requirements have been increased to CI$10,000 and a maximum term of imprisonment of twelve months and the maximum forfeiture of funds is now at 100%.
CBC is updating its signage at all entry and exit points in the Cayman Islands to inform passengers of the required declaration.
To further enhance the Cayman Islands’ response to ML/TF, CBC has recruited and trained staff to conduct compliance risk; trace assets; confiscate proceeds and instruments of crime; collect financial data; analyse intelligence: analyse supply chains; and conduct joint taskforce inspections and investigations for international cooperation.
This enables CBC to effectively and efficiently identify, investigate and prosecute transnational organised border crimes.
Persons with questions about the amended Law can contact CBC at 949-4579 or visit the link to read the legislations: http://www.cbc.gov.ky/index.php/information-and-statistics/legislation