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Civil Recovery of the Proceeds of Crime and Unlawful Conduct in Bermuda and the Cayman Islands: recent developments

As leading international financial centres, both Bermuda and the Cayman Islands have detailed legislation in place providing methods for the civil recovery by Governmental agencies of the proceeds of crime and unlawful conduct, in the form of Bermuda’s Proceeds of Crime Act 1997 and the Cayman Islands’ Proceeds of Crime Act (2020 Revision) respectively, and associated procedural rules.

The Proceeds of Crime legislation provides the enforcement authorities in Bermuda and the Cayman Islands with an extensive armoury of legal tools by which to freeze, and to recover, property which is, or which represents, the proceeds of crime and unlawful conduct, applying just the civil standard of proof, even in the absence of a criminal prosecution or a criminal conviction.

These legal tools include, for example, the use of civil recovery orders, property freezing orders, interim receiving orders, and vesting and realisation orders.

The primary purposes of civil recovery proceedings are to ensure that property derived from criminal conduct is taken out of circulation and use, and to enforce a measure of recovery for the benefit of the state, and society at large.

 

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Civil Recovery of the Proceeds of Crime and Unlawful Conduct in Bermuda and the Cayman Islands: recent developments

 


Alex Potts QC
Partner, Head of Cayman Islands Litigation & Restructuring

Cayman Islands   +1 345 814 7394


Tonicia Williams
Associate

Cayman Islands   +1 345 814 7356


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