Bermuda's laws stopping people making illegal wire transfers will be stepped up under regulations to be considered in the House of Assembly today.

The draft order to be read by Telecommunications Minister Michael Scott is part of the ongoing efforts to improve the Island's anti-money laundering and anti-terrorism measures.

Under regulations passed last year, the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Amendment Regulations mean businesses face a $750,000 fine or two years in prison for failing to apply due diligence when suspecting money laundering or terrorist financing.

According to Mr. Scott, a draft order being considered today updates those regulations to ensure a higher level of compliance with international standards, particularly in relation to wire transfers. Mr. Scott, who covers Justice matters in the House on behalf of Attorney General Kim Wilson, said another draft order — the Proceeds of Crime Regulations (Supervision and Enforcement) (Provisions Subject to Civil Penalties) Order 2009 — would put more effective sanctions in place to complement such measures.

Last month's Foot Report said there is room for improvement for Bermuda on fighting financial crime, with Finance Minister Paula Cox replying that a dedicated team has been set up to concentrate on combating money laundering and financial crime.

"There are areas where there is a clear need for strengthening oversight and supervisory regimes in the financial service sector, in particular, fighting financial crime in its many facets," said Ms Cox at that time.

One piece of legislation is scheduled for its second reading: the Child Day Care Allowance Amendment Act, which will mean day care allowance will only be for children under the age of four who have not yet begun public or private preschool.

This has been listed for debate each of the previous two weeks but ended up being held over both times.

Opposition Whip Cole Simons said there is a chance the Police and Criminal Evidence (PACE) Amendment (No. 2) Act will be given its second reading. This involves changes to wording in the PACE legislation which gives Police more power in their investigations.