The National Anti-Money-Laundering Committee is consulting the financial services industry as it prepares to update its laws surrounding the proceeds of financial crime.

Bermuda comes under the microscope of international assessors next year, with legal preparations under way to ensure the island meets international standards.

Formal consultation papers are published by the Bermuda Monetary Authority as part of its ongoing enhancements to the regulatory framework.

The consultation includes input from the market to ensure that any proposed regulatory changes will be effective and consistent with international standards.

It includes proposals for amending Bermuda’s Proceeds of Crime Act 1997, Proceeds of Crime (AML/Anti-Terrorist-Financing Supervision and Enforcement) Act 2008 and Proceeds of Crime (AML/ATF) Regulations 2008.

Bermuda’s regime was positively assessed against the Financial Action Task Force standards in 2020.

Since then, FATF has revised its standards, prompting Bermuda to review its legislation in preparation for the Fifth Round Mutual Evaluation, which starts in October 2026.

The consultation paper outlining the proposed amendments to the Proceeds of Crime laws was issued last month, inviting feedback from the industry.

The BMA said the industry broadly supported the proposed amendments and expressed interest in reviewing the provisions in the consultation bill, which is now being shared for further review.

• Stakeholders are invited to submit written comments on the proposed legislative amendments by September 8, via e-mail to Info-NAMLC@gov.bm.