The House of Assembly has approved legislation intended to strengthen measures to curb money laundering.

Kim Wilson, the Minister of Health and Junior Minister of Justice, said that the Proceeds of Crime (Miscellaneous) Amendment Act 2025 would help to ensure the island meets rising international standards.

She told the House that Bermuda’s anti-money laundering, antiterrorist financing, counter-proliferation financing regime is of vital importance to the economy.

The amendments would make several changes to the regime, including allowing the minister to make provisions to enhance the effectiveness of the island’s anti-money-laundering regime and introduce civil penalties for breaches of regulations.

She said that members of the National Anti-Money Laundering Committee has worked with the Ministry of Justice and other partners to implement measures that ensure Bermuda’s framework remains effective and meets international standards.

Ms Wilson said: “It is an important milestone in maintaining the health of our financial institutions and, by extension, the overall health of our economy and to safeguard the reputation of Bermuda as one of the world’s most outstanding business jurisdictions.”

She said that Bermuda was preparing for the next mutual evaluation of its regime, which will start in October, with on-site assessment visits by the Caribbean Financial Action Task Force in April.

Jarion Richardson, of the One Bermuda Alliance, agreed that it was vital for the island’s economy, but it would add additional regulatory constraints for businesses.

“As the international bodies are adding more requirements for Bermuda, we have to be responsive,” he said.

“Bermuda has a role to play in the international community to make sure that parties that we typically only hear about on the news, such as North Korea, don’t get access to the ability to wage further and unnecessary war.”

However, he raised concern about some of the “appropriateness” of some of the controls, asking how the island is benchmarking itself against other jurisdictions.

Ms Wilson responded that Bermuda is an international jurisdiction that must adhere to international rules, and the measures are vital for its regulatory regime.