An anti-money laundering website was launched last month to give details on initiatives taken by the National Anti-Money Laundering Committee to cut down on incidents of illegal funds being brought into, or banked, in Bermuda.

The website (www.namlc.bm) contains information on current anti-money laundering legislation, such as the Anti-Terrorism Financial and Other Measures Act 2004, Proceeds of Crime Money Laundering Regulations 1998, and Proceeds of Crime Act 1997.

The National Anti-Money Laundering Committee was set up under the Proceeds of Crime law, for the purpose of advising the Finance Minister. Its role includes advising on the detection and prevention of money laundering in Bermuda, periodic compliance guidance and advising on Bermuda?s participation in international efforts against money laundering.

?The Government recognises the benefits to be gained by promoting greater public awareness and understanding of the ill effects of money laundering and financing of terrorism,? Finance Minister Paula Cox said in the House, as she unveiled the site.

The website also contains the Caribbean Financial Action Task Force (CFATF) Country Situation Report on Bermuda, and links to other relevant bodies such as the Bermuda Monetary Authority and Government Ministry website.

The NAML committee is chaired by Financial Secretary Donald Scott, and its members include the senior officers from the Finance Ministry; the Labour; Home Affairs & Public Safety Ministry; the Attorney General?s Chambers; the Department of Public Prosecutions; the Bermuda Monetary Authority; the Registrar of Companies; Customs, as well as representatives from the Financial Investigation Unit of the Bermuda Police.