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Lawrence Scott, JP, MP

Lawrence Scott, JP, MP

2524
Speeches
349,028
Words Spoken
121
Sittings Active
27 Jul 2018 House of Assembly
Official Hansard Report
89 words
Thank you, Mr. Chairman, and thank you to the Minister. I appreciate that these are the things that FATF has asked for. But I am just wondering if we can go beyond what they are requesting just because we are doing so many things in this space of FinTech and things like that , so rather than coming back to …
27 Jul 2018 House of Assembly
Official Hansard Report
9 words
Oh, I am waiting for you to recognise me.
27 Jul 2018 House of Assembly
Official Hansard Report
113 words
Thank you, Mr. Speaker. I actually do not have a lot to say about this piece of legislation. It is pretty much just substituting the words “financial institution” for “a relevant person.” But I am just wondering, and I do not actually have the piece of legislation that this comes from. The Pr oceeds of Crime Act does not give …
27 Jul 2018 House of Assembly
Official Hansard Report
93 words
Thank you, Mr. Chairman. As I said, I really do not have much to say about the legislation. I do know that the substantive definition is in the Proceeds of Crime Act. I guess my question is going to be the same thing throughout. Digital assets are not contained in t his so is it . . . I do …
27 Jul 2018 House of Assembly
Official Hansard Report
50 words
Thank you, Mr. Chairman. So [regulation] 16(4) of . . . and I just want to make sure I have it right. The Proceeds of Crime (A nti-Money Laundering and Anti -Terrorist Financing) Regulations 2008, and we are amending [regulation] 16(4) . . . Hon. Kim N. Wilson: By deleting.
27 Jul 2018 House of Assembly
Official Hansard Report
28 words
By deleting . . . we are deleting clause . . . well, wait a minute. Hon. Kim N. Wilson: The ent ire clause 12 is being deleted.
27 Jul 2018 House of Assembly
Official Hansard Report
14 words
So clause . . . okay. So we are not amending regulation 16 then?
27 Jul 2018 House of Assembly
Official Hansard Report
26 words
That is what this means. We are taking out clause 12, which means that [regul ation] 16(4) stands in the Regulations. Hon. Kim N. Wilson: Correct.
27 Jul 2018 House of Assembly
Official Hansard Report
3 words
Okay. Thank you.
27 Jul 2018 House of Assembly
Official Hansard Report
64 words
Thank you, Mr. Speaker. I actually, again, do not have much to say about this legislation. I have a couple of points that I would like to address in Committee. Outside of that, I do not . . . this is part of the whole process of getting ourselves ready for the CFATF review, so I do not have issues …
27 Jul 2018 House of Assembly
Official Hansard Report
216 words
Thank you, Mr. Chairman. 2960 27 July 2018 Official Hansard Report Bermuda House of Assembly I only have a couple of questions. On page 2 of the amended legislation, section 42B(1)(a), which says “ a parent company, or any other type of legal person, which exercises control and coordinating functions over the rest of the group for the application of …
27 Jul 2018 House of Assembly
Official Hansard Report
86 words
Thank you, Mr. Chairman. So, in the event that you have a structure like that, a PTC with a trust and underlying companies, is the collection of KYC [Know Your Customer] still the responsibility of the trustee and will there be consider-ation given at any time to that sort of structure, being able to have the same kind of benefits …
27 Jul 2018 House of Assembly
Official Hansard Report
34 words
Thank you, Mr. Chairman. I guess my question on the amendment is, How are you including the beneficiary of a trust when you are not including the trust as part of a financial group?
27 Jul 2018 House of Assembly
Official Hansard Report
104 words
Thank you, Mr. Chairman. I just have a question on clause 6 where it [says] “‘financial group ’ has the meaning given in section 42A . . .” and then [section] 42A refers to [section] 42B, and 42B defines what a financial group is. And I am just wondering, the designation is made by order [of the] Minister, so my …
27 Jul 2018 House of Assembly
Official Hansard Report
75 words
Yes, Mr. Chairman, if I could just clarify as far as . . . I have been doing corporate administration for over 30 years and as far as I know the Register of Members is not filed with the Registrar of Companies. The BMA keeps that information, the BMA keeps the register of beneficial owners, and it is not disclosed …
27 Jul 2018 House of Assembly
Official Hansard Report
65 words
Or is it . . . I guess, I do not know what it is referencing. Because there are the names of the members, in the case of company having a share capital, there are the shares, whether the shares are fully paid, what the rights are with the shares, so . . . and all this information is contained …
27 Jul 2018 House of Assembly
Official Hansard Report
65 words
That is correct, the share register is not filed with the Registrar of Companies, it is held at the registered office of the company w hich is open for inspection between the hours of 10:00 and 2:00 on any day, other than when it is closed by legal notice. So, is this requiring a register to be filed with the …
27 Jul 2018 House of Assembly
Official Hansard Report
168 words
I’m sorry, Mr. Chairman. So if we are reading this correctly, our legi slation is currently being amended against all of the commitments that have been made to the companies in Bermuda in terms of not having the members’ regi ster disclosed to the public. And I do not believe that that is what the Premier has intended, or what …
27 Jul 2018 House of Assembly
Official Hansard Report
168 words
I understand what the Minister is saying, but that is not what this says. What this says is that the Registrar in respect of each company registered shall enter the name of the company, the certificate of incorporation, the memorandum of association, and the address of the registered office of the company. Those documents are already public documents and available …
27 Jul 2018 House of Assembly
Official Hansard Report
243 words
Mr. Chairman, my understanding of the beneficial ownership register is that it is an i nternal document that is kept at the registered office of the company. It is not filed with anybody; it is an inter-nal document. But section 65(1) of the Companies Act refers to the register of members; it does not refer to a ben eficial ownership …