Government Senator Marc Bean yesterday asked if "quasi international organisations" have an ulterior motive for imposing anti-money laundering and antiterrorism laws on Bermuda.

As Senators debated the latest in a long line of new measures to keep the Island's financial system in line with international standard, Sen. Bean weighed in: "What are the causes of these rules being imposed outside Bermuda on Bermuda?

"Credit to Bermuda Monetary Authority for excellent work done on outside forces who try to impose their rules of the game on us."

He suggested inter-governmental group the Financial Action Task Force (FATF) could have a secret agenda to find out information about companies doing business with Bermuda.

"I ask the question though: just what is the basis of FATF's justification for trying to impose these rules? Is it really antiterrorism? Is it really money laundering?" he said.

"Or is it really a desire to get more access to information from those persons who choose to use our services in an offshore jurisdiction?"

The Proceeds of Crime Regulations (Supervision and Enforcement) Amendment Act introduces new authorities to supervise non-financial businesses like real estate agents, lawyers and accountants.

It gives the Financial Intelligence Agency the power to impose fines up to $250,000 and sets up a joint supervisory board comprising the Bermuda Bar Council and the Institute of Chartered Accountants of Bermuda.

Sen. Bean continued: "We are forced to bring in this legislation. I understand why we have to do it, but does a Switzerland or a Liechtenstein bend to the rules of the FATF?

"Do these quasi international organisations practise what they preach? Or is it do as I say, not as I do? I can't see how rules being forced upon us under some threat of coercion or whatever can see us as remaining competitive."

Despite the Senator's fears, the bill was passed with full support from the Upper House.

United Bermuda Party Senate leader Michael Dunkley said: "I don't think international business is going to be concerned about this legislation at all. If they do business in a proper manner, they have nothing to worry about."

Progressive Labour Party Senator Walton Brown said: "From a self-regulatory standpoint, we haven't got the best out of our lawyers. A fit and proper test for standards for lawyers can help raise the bar."

UBP Senator Jeanne Atherden said terrorist groups are now so sophisticated they could hide their activities by infiltrating legal and accounting firms.

And Independent Senator Walwyn Hughes said: "We play in a big world. You have got to be accepted. You can't be accepted unless you comply."

The only other concerns surrounded the complicated nature of the legislation, which Sen. Dunkley said caused him to fall asleep 14 times while trying to read it.

But Sen. Hughes said: "Presumably behind all this someone is paying attention and carrying out the charges which the legislation sets out."

Attorney General Kim Wilson had introduced the bill, telling the Senate: "Bermuda Government has consistently reiterated its commitment to ensuring that Bermuda has a strong and effective regime to combat money laundering and terrorism financing."

Sen. Wilson said an overhaul of anti-money laundering and antiterrorism legislation had been ongoing for several years.

She said this work has included the formation of the Financial Intelligence Agency, a dedicated independent body specifically to investigate reports of suspicious activity reports.

The new legislation will allow for more supervisory authorities to cover a wider range of entities, she said.