Companies operating out of Bermuda will now be required to retain their records for a set period of time after going into liquidation, under a Bill passed in Parliament with bipartisan support.

Grant Gibbons, the Minister of Economic Development, described the Companies and Limited Liability Company Amendment Act 2017 as “correcting a gap”.

Opposition MP Zane DeSilva questioned the effectiveness of the $500 fine for non-compliance, saying it was not much of a deterrent for destroying the records and taking the fine.

Dr Gibbons retorted that if it was found to be done purposely the fine was would be higher and the resulting loss of reputation of those responsible would be a deterrent in itself.

It was passed with no objections from the Opposition.

The Proceeds of Crime Amendment Act 2017 was also passed without objection. The Bill aims to ensure that Bermuda remains in compliance with international standards and improves its regulatory framework with regards to anti-money laundering and antiterrorism financing legislation.

Bob Richards, the Minister of Finance, said that areas in the legislation required continuing adjustments to keep Bermuda in line with other jurisdictions, adding technical requirements and updating reporting requirements.

Shadow Attorney-General Michael Scott, in describing the legislation as “a moving landscape”, said the opposition was happy to support the amendments.

The last Bill to pass in the House on Friday was the International Co-operation (Tax Information Exchange Agreements) Amendment (No 2) Act 2017. The objective of the Bill was to address Bermuda’s shortfalls in legislative compliance in Common Reporting Standards and Country by Country Reporting. Among the amendments were making it an offence to fail to comply or report false self certification as well as giving the minister the power to issue guidelines on Common Reporting Standards which will be published on the government’s website.

Shadow finance minister David Burt took the opportunity to comment on how the sort of actions that keep Bermuda in line with best international standards is where the two political parties continue to work together, adding “that will not stop today”.