Anti-money laundering and anti-terrorist financing legislation came into effect this week, putting the spotlight on the supervision of dealers of high- value goods.

Trevor Moniz, Minister of Legal Affairs, explained to MPs the progress that had been made by the Financial Intelligence Agency in particular, and the National Anti-Money Laundering Committee.

“This effort is part of Bermuda’s continuing commitment to enhance Bermuda’s compliance with the requirements set out in the international standards established by the Financial Action Task Force,” said Mr Moniz.

Dealers in high-value goods are defined in the legislation to include:

• Jewellery dealers;

• Car, boat and motorcycle dealers;

• Precious metal and stone dealers;

• Antique dealers; and

• Auctioneers.

“The supervisory framework for these sectors will be unique. Businesses will have the opportunity to organise their operations in a way that will obviate the need for them to be registered and be subject to supervision by the FIA,” said Mr Moniz.

“This is because the supervisory regime will only be focused on those businesses that wish to be able to accept cash payments totalling $7,500 or more, or the equivalent in any other currency, for a single transaction or series of related transactions.”

The provisions came into effect on Thursday.