An amendment improving supervision of lawyers and accountants is now in effect after it was officially gazetted this week.

The Proceeds of Crime Regulations (Supervision and Enforcement) Amendment Act introduces new authorities to supervise non-financial businesses including lawyers, accountants and real estate agents.

It sets up a joint supervisory board comprising the Bermuda Bar Council and the Institute of Chartered Accountants of Bermuda and gives the Financial Intelligence Agency the power to hand out fines up to $250,000.

The amendment is the latest in a string of anti-money laundering and anti-terrorism measures designed to keep the Island's financial system in line with international standards.

Attorney General Kim Wilson said in a statement yesterday: "The Bermuda Government has consistently reiterated its commitment to ensuring that Bermuda has a strong and effective regime to combat money laundering and terrorism financing."