Tax as a predicate offence A presentation by Elisabeth Lees, Senior Crown Counsel (International Cooperation) of the Office of the DPP.

Overview The FATF requirements The current legislation The proposed amendment The impact

1. The FATF REQUIREMENTS Recommendation 3 The interpretive note to Recommendation 3 Designated categories of offences FATF methodology 3.2 FATF methodology 37.4(a) Effectiveness

2. The current legislation The Proceeds of Crime Law (2017 Revision) S134: An arrangement which facilitates the acquisition etc. of criminal property S135: Acquires, uses or has possession of criminal property S144(3): Criminal property S144(2): Criminal conduct: constitutes an offence in any part of the Islands; or (b) would constitute an offence in any part of the Islands if it occurred there. The Criminal Justice (International Cooperation) Law (2015 Revision) S2(2): The Law applies to offences under the laws of the Islands and S2(2)(b) conduct which would constitute an offence if it had occurred in the Islands Offences in the Islands

3. The proposed amendment Specific statutory offence Intent to defraud the government relating to the collection of money for the purposes of general revenue Amendment Bill to be published Debate in Legislative Assembly

4. The impact Filing of SARs Industry awareness Absolute clarity and consistency in relation to R3 and R37

QUESTIONS?