Young reminds public: Money laundering still illegal

As people continue to go to banks to change old $100 bills to the new polymer note, National Security Minister Stuart Young is reminding citizens that money laundering, and any related activities, is still illegal and punishable with a hefty fine or imprisonment.

In a release issued by the Ministry of National Security on Tuesday afternoon, Young said under section 52 of the Proceeds of Crime Act Chapter 11:27, a person can face a fine of $250,000 or three years in prison if he is aware that a person is involved in money laundering and has knowledge of the extent of his involvement but does not disclose this information to the authorities.

Citing Section 45 (1) of the act, Young defined money laundering as someone who is involved, either directly or indirectly, in a transaction that involves criminal property or receives, conceals, disposes, disguises of transfers the criminal property.

Under the act, money laundering is punishable by a fine of $25,000,000 or 15 years in prison.

“Money laundering takes place in many ways including, but not limited to, the exchange of cash from the proceeds of crime for goods, eg jewelry, real estate, motor vehicles, large quantities of liquor, etc.”