Under the MLPCA, covered institutions must report suspicious transactions, including those that may be indicative of terrorist financing, to the Barbados Financial Intelligence Unit (BFIU).
Under the MLPCA, covered institutions must report all transactions exceeding $5,000 Narcotics asset seizure and forfeiture:
The MLPCA provides for criminal asset seizure and forfeiture; however it applies only to traceable proceeds of crime, and not to instrumentalities or other assets of a convicted defendant.
The MLPCA provides for the identification, tracing, freezing, seizure and eventual confiscation of assets and the Central Bank, Police, and the Directorate of Corruption and Economic Offenses (DCEO), through the powers of the attorney general, are responsible to trace, freeze and seize narcotics-related assets.
The new MLPCA will enhance the declaration system and allow for seizure of currency.
Part II, section 14 of the MLPCA
requires a financial institution or cash dealer that has reasonable grounds to suspect a transaction may be relevant to an investigation or prosecution of a person for a serious offense to file a suspicious transaction report within three working days.
Part II section 12 of the MLPCA requires a financial institution or cash dealer to take reasonable measures to satisfy itself as to the true identity of any applicant seeking to enter into a business relationship with it or to carry out a transaction or series of transactions.
The MLPCA requires financial institutions and currency dealers to maintain records of all transactions of 10,000 Pa'anga (approximately $5,500) or more for at least five years.
only provides for criminal asset seizure and forfeiture, not civil forfeiture.
The implementing regulations to ensure compliance with the MLPCA have yet to be written but the authorities have stated that they will be drafted once the revisions to the MLPCA have been passed.
Pursuant to the adoption of the Asia/Pacific Group's (APG) mutual evaluation of Palau at its September 2003 Plenary, the Government of Palau (GOP) has proposed amendments to the MLPCA that, if enacted, would strengthen Palau's anti-money laundering regime.
In continuing it efforts to comport with international standards, Palau should enact legislation and promulgate implementing regulations to the MLPCA, as recommended by the APG, including but not limited to establishing funding for the FIU, eliminating the threshold for reporting suspicious transactions and beginning a broad-based implementation of the legal reforms already put in place.