Regulations aimed at stepping up Bermuda's anti-money laundering and anti-terrorism measures were passed through the House of Assembly yesterday.

Businesses failing to apply due diligence when suspecting money laundering or terrorist financing face a $750,000 fine or two years in prison under the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008.

Other points in the 22-page bill include measures to improve record-keeping and staff training.

Speaking in yesterday's debate, Shadow Justice Minister Mark Pettingill claimed the legislation was ponderous and warned it could put off international business.

He said rival jurisdictions like Ireland and Caymans would be "rubbing their greedy little hands together" if the legislation in Bermuda holds more obstacles than their own.

Former Opposition Leader Grant Gibbons said from his own experiences in the finance industry that many businesses were finding it difficult to grapple with the waves of new anti-money laundering and anti-terrorism legislation.