Bermuda: Bermuda Monetary Authority Publishes Notice On Cannabis Related Risk

Bermuda: Bermuda Monetary Authority Publishes Notice On Cannabis Related Risk

19 November 2019 Article by Stephanie Sanderson BeesMont Law Limited Published Via Mondaq . http://www.mondaq.com/article.asp?articleid=865498&email_access=on In a Notice dated 12 November 2019, the Bermuda Monetary Authority (Authority or BMA) has confirmed that it will not object to BMA-supervised entities conducting business with licensed cannabis cultivators, processors or sellers, as long as the conduct of such business is not contrary to any offences that may be provided for in the laws of a foreign jurisdiction which amount to “criminal conduct” within the meaning of section 3 of the Proceeds of Crime Act 1997 of Bermuda (PoC Act). If the business is in contravention of the PoC Act, the Authority has noted that there may be a statutory defence under section 45B of the PoC Act, which states that where there is knowledge or a reasonable belief that the relevant criminal conduct occurred outside Bermuda and was not unlawful under the criminal law applicable at the time in the foreign jurisdiction where it occurred then a person does not commit an offence under section 43 (concealing or transferring criminal property), 44 (assisting another to retain criminal property) or 45 (acquisition, possession or use of criminal property) of the PoC Act. The Supervised Entity…

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Source : CANNANNEW REPORT
Link to original : Bermuda: Bermuda Monetary Authority Publishes Notice On Cannabis Related Risk
reposted by Cannabis News World

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