Changes to the island’s anti-money laundering regulations to better police digital assets have been given the green light by the House of Assembly.

Curtis Dickinson, the Minister of Finance, said the Proceeds of Crime Amendment Act 2022 would update the rules to meet international standards.

He said that Bermuda’s regime to tackle money laundering and terrorist financing had received “excellent ratings” — but that several recommendations had been made to take account of technological advances.

Mr Dickinson said the amendments would toughen up the rules for the transfer of digital assets, including via wire transfers.

Credit unions will also now be regulated by the regulations.

Cole Simons, the opposition leader, said the One Bermuda Alliance supported the amendments, but asked if the legislation would cover peer-to-peer transactions.

He said: “I know that when it comes to transfer of assets, it’s continuously evolving.

“If you can do peer-to-peer through an app then it may compromise the very things we are trying to do with our proceeds of crime legislation.”

Mr Dickinson reassured Mr Simons that peer-to-peer transactions were included in the amendments.

He also told the House that guidance notes would be updated to reflect the changes “in a timely fashion”.