A watchdog to regulate lawyers and accountants to prevent money laundering and the financing of terrorism in Bermuda is to be formed.

The board will be set up under the Proceeds of Crime Regulations (Supervision and Enforcement) Amendment Act 2010, which was tabled in the House of Assembly this morning.

The draft legislation will permit the self-regulating Bermuda Bar Association and the Institute of Chartered Accountants in Bermuda to jointly establish a board to regulate law and accountancy firms “in order to prevent money laundering and terrorist financing in Bermuda”.

See tomorrow’s edition of The Royal Gazette for more.