Following discussions with members of the Nevis financial services industry and various international economic and trade organisations, Nevis recently introduced four pieces of legislation (available to download at www.amsbvi.com) designed to assist in the international fight against money laundering, provide a mechanism for the exchange of information on the proceeds of crime with foreign authorities and generally tighten regulation of the offshore financial industry in Nevis.
The Proceeds of Crime Act, 2000 provides for the freezing, forfeiture and confiscation of the proceeds of criminal activity by creating new offences and procedures to combat money laundering and enabling the enforcement of overseas freezing, forfeiture and confiscation orders. To facilitate cooperation with foreign authorities and to compliment the Proceeds of Crime Act, Nevis has also introduced the Financial Intelligence Unit, Bill 2000. The Bill establishes a Financial Intelligence Unit (made up primarily
