Section 144Part 2 — The Financial Reporting AuthorityAmended
Interpretation
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Amended by LG32/S3
This section applies for the purposes of this Part.
Crim inal conduct is conduct which —
constitutes an offence in any part of the Islands; or
would constitute an offence in any part of the Islands if it occurred there.
Property is criminal property if —
it constitutes a person ’ s benefit from a c riminal conduct or it represents such a benefit (in whole or part and whether directly or indirectly); and
the alleged offender knows or suspects that it constitutes or represents such a benefit, and includes terrorist property.
It is immaterial who carried out the criminal conduct, who benefited from it and whether the conduct occurred before or after the commencement of this Act .
A person benefits from criminal conduct if that person obtains property as a result of or in connection with the conduct. ( 5A ) It may be proved that property is criminal property —
by showing that it derives from conduct of a specific kind or kinds, and that conduct of that kind or those kinds is criminal conduct; or
by showing that the circumstances in wh ich the property was handled are such as to give rise to the irresistible inference that it can only be criminal property.
If a person obtains a pecuniary advantage as a result of or in connection with criminal conduct, that person shall be considered to obtain as a result of or in connection with the criminal conduct a sum of money equal to the value of the pecuniary advantage.
References to property or a pecuniary advantage obtained in connection with a criminal conduct include references to prope rty or a pecuniary advantage obtained in both that connection and some other.
If a person benefits from conduct that person’s benefit is the property obtained as a result of or in connection with the act.
The following rules apply in relation to property —
property is obtained by a person if that person obtains an interest in it;
references to an interest, in relation to land in the Islands, are to any legal estate or equitable interest or power;
references to an interest, in relation to property other than land, include references to a right (including a right to possession).
Money laundering is an act which —
constitutes an offence under section 133 , 134 o r 135 ;
constitutes an attempt, conspiracy or incitement to commit an offence specified in paragraph (a);
constitutes aiding, abetting, counse lling or procuring the commission of an offence specified in paragraph (a); or
would constitute an offence specified in paragraph (a), (b) or (c) if done in the Islands.
For the purposes of a disclosure to a nominated officer —
references to a person ’ s employer include any body, association or organisation (including a voluntary organisation) in connection with whose activities the person exercises a function (whether or not for gain or reward); and
references to employment shall be constru ed accordingly.