Proceeds of Crime Act 1997 - Section 45B
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The Government needs to consider amending Section 45B of the Proceeds of Crime Act to allow Bermuda Insurance and Reinsurance companies the ability to provide insurance products to US Cannabis companies who operate in States where cannabis fully is legal. These companies are heavily regulated by the US Government and many of them are public entities trading on US and Global Stock exchanges.
Section 45B creates a "gray area" that needs to be made clear so that Bermuda Insurers/Reinsurers can proceed with offering insurance products to these companies. The BMA Notice of November 12, 2019 caused many Bermuda companies to cease doing business with any US Cannabis entities which shouldn't need to happen as none of the companies were committing a crime by producing, selling, distributing, etc. cannabis in states where it is fully legal. These companies premiums paid to Bermuda insurers/reinsurers cannot be deemed to be proceeds of crime.
Amending the act will bring back a huge volume of business to the Island thereby job opportunities for Bermudians.