SCO Exam Flashcards
Statutory timeframe imposed for the refund of duty
6 Months
PATI
Deadlines that apply to applications and refusals
6 weeks after receipt
What is the Purpose of the The Retail Shops Act 2008 (Public Notice 29
a practical guide to obtaining duty relief under the Retail Shops
The customs duty in respect of such goods is 0%. FOR CAPITAL INVESTMENTS NOT CONSUMABLE GOODS
What is Risk-Based Approach of Money Laundering?
is the implementation of appropriate measures in proportion to the level of risk in the jurisdiction’s specific circumstances.
Stronger measures are applied in higher risk situations and simplified measures in lower-risk situations.
Who qualifies for a refund?
Any person who paid such duty or other money
Definition of “personal information”
means information recorded in any form about an identifiable individual
Identify the global organization(s) that are competent on Customs issues
World Customs Organization (WCO)
Headquartered in Brussels, Belgium
Official Languages - French & English
Sources of information related to disciplinary offences including:
CECC
Public Service Commission Regulations 2001
CBA
How an Importer requests a review?
Ask for written notification of the reviewable decision from the issuing officer
Send a “Review Notice” to the Collector of Customs
Sanctions Framework Entities (7)….. and their Responsibilities
Foreign & Commonwealth office - Negotiates all international sanctions for Bermuda
The Governor - Competent Authority (certain powers are delegated to the Minister) Responsible for making designations under Bermuda’s domestic regime and at the request of another country
The Minister of Legal Affairs - Delegated certain functions by the Governor(Bermuda’s Competent Authority) for implementing financial sanctions, for example in regards to receiving reports and issuing and revoking licences.
Customs Department - Implements trade sanction and embargoes
Department of Immigration - Implements travel bans
Bermuda Police Service - Investigates breaches of financial sanctions
Supervisory Authorities - Regulates for compliance with financial sanction obligations. Can impose monetary penalties
What is the requirement of a master of every ship arriving in Bermuda?
deliver by electronic means to a customs officer a manifest
What are the Stages of Money Laundering?
Placement - Illegal funds introduced into the financial system
Layering - Moving or converting funds to distance them from the source.
Integration - Illegal funds re-enter the legitimate economy.
Timeframes involved and when the time is started for a review?
30 Days
Name Titles of the major declarations and conventions, when they came into force and the subject matter?
Bridgetown Declaration (1999) - Integrity
Arusha Declaration (1993) - Integrity and Governance
Kyoto Convention (2006) - Simplification & Harmonization of customs procedures
Act/Legislation that the Agreement supersedes the CBA
Employment Act 2000
Identify the purpose of the Risk Based Approach
Allow governments and financial institutions to adopt a more efficient allocation of resources to combat ML and TF.
When a refund can be requested
Whenever any import duty or other money is paid by mistake
What must be proven for a refund of duty, and the relevant timeframe?
Proof of the mistake
Within 6 months after the payment.
Relevance of the Customs Department Amendment Act 2014?
delete “Minister of Labour and Immigration” and substitute “Minister responsible for immigration”; and
delete “Minister of Health and Social Services” and substitute “Minister responsible for health”.
Statutory post, COC, ACOC
Identify the integrated computer system that Bermuda Customs has implemented
CAPS - Customs Automated Processing System (1999)
Explain the term transshipment
The transfer of any goods from any aircraft or vessel arriving in Bermuda to an aircraft or vessel departing to a place outside Bermuda
Level of penalty for failing to deliver manifest
Level 4 - $12,000