Bermuda will be remembered as the place where delegates representing more than 100 countries and international organisations signed an agreement that has made the the global anti-money laundering and financial investigating Egmont Group a fully-fleged formal body.

After 12 years as an informal network of financial intelligence units from over 100 countries, along with a number of other organisations including the World Bank, the Egmont Group has agreed to become a formal organisation with its own permanent secretariat.

The agreement was signed during the Egmont Group's 15th Penary session in Bermuda between May 28 and June 1. Reflecting the location of the signing the historic document has been named the "Bermuda Charter" and a copy has been signed by Governor Sir John Vereker and Premier Dr. Ewart Brown.

The Bermuda Charter was framed and presented to Egmont Group chairman William Baity by Bermuda's Attorney General Phil Perinchief on the closing day of the international conference at the Fairmont Hamilton Princess Hotel.

The Egmont Group is a world-wide network of financial intelligence units that work together to investigate money laundering, terrorist funding and other big-money criminal activities.

As he gave a closing speech to the delegates. who represented 93 nations and five continents, Minister of Justice Mr. Perinchief said: "As an outcome of the successful meetings that delegates have engaged in during this plenary session, which has resulted in signing the Bermuda charter, the Government of Bermuda remains confident that international co-operation amongst financial intelligence units (FIUs) will continue to be strengthened and that the highest standards will be maintained and, more importantly, that global problems such as money laundering and terrorist financing will be effectively diminished."

He went on: "The Government of Bermuda is committed to supporting the values of the Egmont Group as you continue to serve as a vital international network which facilitates improved communication and interaction amongst FIUs.

"The Egmont Group has provided an essential forum that allows FIUs to progress the support that they provide to their respective governments in their battle against terrorist financing, money laundering and other financial crimes.

"As Attorney General and Minister of Justice, I recommend and acknowledge the efforts of the Egmont Group as Bermuda embraces the proactive and effective strides it has made to date."

Mr. Perinchief told the conference that Bermuda was in the process of enacting the Proceeds of Crime Amendment Act 2007, the Financial Intelligence Agency Act 2007 and the Criminal Justice International Co-operation Bermuda Amendment Act 2007.

He added: "The completion of these legislative initiatives represents yet another step in the direction of global compliance which will ensure that Bermuda is able to provide meaningful assistance to other jurisdictions in the war against money laundering and terrorist financing.

"Our Premier Dr. Ewart Brown stated in his written remarks that as a small country at the forefront of international business and a world leader in the insurance and reinsurance industry Bermuda jealously guards its reputation as a sound financial and business centre."

The Attorney General then handed the framed Bermuda Charter, which he referred to as a "monumental document", to Egmont Group chairman Mr. Baity.