Author: Andrew A. Martin

Since the publication of the draft 2015 Amendment Bill in late December, the Bill passed into legislation with no changes to the substantive provisions proposed in the Bill: however, in order to remove the confusion that might arise if the provisions requiring the registration...

The proposed amendments to the Proceeds of Crime Act 1997 (POCA) (and related legislation) under the Proceeds of Crime Amendment Bill 2015 require careful reading. The amendments proposed in this Bill introduce several important amendments in a piece meal fashion in relation to several distinct statutory régimes. The form and content of the amendments are difficult to follow because you have to read them alongside the existing legislation, and the amendments are not readily comprehensible in the wider context of the existing provisions. Eventually the various Acts which are to be amended by this Bill will be published in a revised form that includes the amendments and deletes the sections that are to be repealed and replaced. Until then, make sure you have all relevant legislation open in front of you when you read the Bill.

It has been widely reported that the Prime Minister of the UK, David Cameron, will call upon the British Overseas Territories (BOTs) which are regarded as low tax jurisdictions to “get their houses in order” (The Daily Mail, 5 June 2013) and that offshore financial centres such as Bermuda, Cayman, BVI, Jersey and Guernsey will be urged to “sign up to greater tax transparency” (Royal Gazette, 6 June 2013). Bermuda has always defended its status as a low tax jurisdiction, and has always made it clear that it is not a tax haven, nor a place where the fruits of tax evasion can be harboured. It is relevant to recall the efforts that Bermuda has made over the last 30 years to justify its claim to being a leading offshore financial centre, not a tax haven.