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Proceeds of Crime (Amendment) Act 2012

REPUBLIC OF VANUATU
PROCEEDS OF CRIME (AMENDEMT)
No.12 Of 2012

Arrangement of Sections

1 Amendment
2 Commencement

REPUBLIC OF VANUATU

Assent: 30/05/2012
Commencement: 31/07/2012

PROCEEDS OF CRIME (AMENDEMT)
No.12 Of 2012

An Act to amend the Proceeds of Crime Act [CAP 284].

Be it enacted by the President and Parliament as follows-

1 Amendment

The Proceeds of Crime Act [CAP 284] is amended as set out in the Schedule.

2 Commencement

This Act commences on the day on which it is published in the Gazette.

SCHEDULE
AMENDMENTS OF THE PROCEEDS OF CRIME
ACT [CAP 284]

1. Subsection 2(1) (definitions of “property” and “serious offence”)
   

Repeal the definitions, substitute

““property” means assets of every kind, whether corporeal or incorporeal, moveable or immoveable, tangible or intangible, whether situated inside or outside of Vanuatu, including legal documents or instruments evidencing title to, or interest in such assets;

“serious offence” means:

(a) an offence against a law of Vanuatu for which the maximum penalty is imprisonment for 12 months or more; or

(b) an offence against the law of another country that, if the relevant act or omission had occurred in Vanuatu, would be an offence against the law of Vanuatu for which the maximum penalty is imprisonment for 12 months or more; or

(c) an offence against a law of Vanuatu or of another country that, if the relevant act or omission had occurred in Vanuatu, would be an offence against the law of Vanuatu for which the proceeds of that offence is VT10 million or more, or its equivalent in foreign currency;”

2 At the end of section 11

Add

“(4) Nothing in this Act prevents a person that has committed an offence that generates proceeds of crime, from being convicted of a money laundering offence in respect of those proceeds of crime under subsection (3).

(5) Nothing in this Act requires a person to be convicted of an offence that generates proceeds of crime before they can be convicted of a money laundering offence in respect of those proceeds of crime under subsection (3).”