Government tabled a bill on Friday allowing the Bermuda Monetary Authority (BMA) to impose $500,000 fines against institutions which flout regulations.

The Proceeds of Crime Regulations (Supervision and Enforcement) Act 2008 requires the BMA to maintain a register of financial institutions, conduct site visits and get search warrants.

While the Bill allows for heavy penalties, they will not be imposed where the institution exercised due diligence and complied with guidelines. An appeals tribunal will also be set up, while matters of law will be heard by the Supreme Court.

Also tabled on Friday was the Post Office Amendment Act which will give Government powers to stipulate the design and location of post boxes in a bid to improve efficiency.

The Optometrists and Opticians Act 2008 will allow greater regulation with the establishment of a complaints committee which can investigate alleged abuse. Optometrists or opticians in breach can be suspended from practice.

The Pesticides Safety Bill will prohibit the sale of restricted use pesticides without a license.

The bills are likely to be be debated in the coming weeks.