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Confiscated Assets Fund stands at $610,000

Confiscated Assets Fund stands at $610,000

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As at September 30, 2010, the Confiscated Assets Fund had a balance of $610,000.{{more}}

Prime Minister Dr.Ralph Gonsalves made this disclosure on January 25 while delivering the 2011 Budget address.

In relation to the Government’s anti-money laundering programme, Gonsalves said in 2009, the Financial Intelligence Unit (FIU) received 1,174 Suspicious Activity Reports (SARs) and as of September 30, 2010, 412.

These reports, he noted, were received from local domestic and offshore banks, credit unions, money remitters and other regulated businesses as set out in the first schedule of the Proceeds of Crime and Money Laundering (Prevention) Act, No. 39 0f 2001 (POCMLPA).

The Prime Minister further stated that there are two pending money laundering prosecutions before the Court arising out of charges laid in 2008. On October 14 and 15, 2010, two money laundering charges were laid against two individuals for concealing and importing into St. Vincent and the Grenadines the proceeds of another person’s criminal conduct, said Gonsalves.

Meanwhile, the Prime Minister said that the International Financial Services Authority (IFSA) saw a reduction in the number of registrations of new entities, in particular international banks and international insurances, in 2009. The downward trend which commenced in 2009 continued into 2010, he added.

Revenue from International Financial Services Authority fees which amounted to $3.4 million in 2010 was 3.1 percent below the amounts collected in 2009.

Gonsalves also announced that a major development in 2011 is that the IFSA is expected to fall under the umbrella of the Financial Services Authority, a single regulatory organisation, in an effort to enhance and strengthen the regulatory and supervisory capacity of the jurisdiction.