Overhaul planned of anti-money-laundering laws
The National Anti-Money-Laundering Committee is asking for industry feedback on proposed amendments to Bermuda’s Proceeds of Crime framework, aiming to align the jurisdiction with new global standards ahead of its 2026 Financial Action Task Force mutual evaluation.
The proposed legislative changes impact the Proceeds of Crime Act (1997), the AML/Anti-Terrorist Financing Supervision and Enforcement Act (2008) and supporting regulations. The changes address key areas of risk and enforcement under the revised FATF Standards.
Among the most notable changes is a new requirement for Bermuda to conduct a formal proliferation financing risk assessment, aimed at risks tied to funding weapons of mass destruction. Another amendment would grant the Attorney-General’s Chambers expanded enforcement powers in civil recovery cases.
Additional revisions include broader authority for regulators to impose civil penalties, public disclosure of deregistered entities, enhanced powers for supervisory bodies and expanded suspicious activity reporting requirements to cover non-professional trustees. The proposals also clarify the definition of “correspondent banking” to make sure oversight includes digital asset businesses.
These updates come as Bermuda prepares for its fifth-round mutual evaluation by FATF in October 2026. NAMLC is seeking stakeholder feedback to ensure the jurisdiction remains a leader in anti-money-laundering and anti-terrorist-financing compliance.
Industry comments are due by July 30 in response to the consultation. To comment, e-mail info-namlc@gov.bm.
• For the complete list of proposed amendments, see Related Media
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