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Internal Audit bill passed by the Senate

Senators passed a string of bills including the creation of an Internal Audit Department for Government and cruise ship cabin tax waiver.

The Internal Audit Act 2010 will set up a new Internal Audit Department to provide an overview of the managing and cost of all Government activities to ensure there's no wrongdoing.

The cabin tax bill — called the Miscellaneous Taxes Amendment (No. 2) Act — will give the Finance Minister the right to waive any or all passenger cabin tax on cruise ships visiting the Island.

Both bills were passed along with the Bermuda Monetary Authority Amendment Act 2010 and the Bermuda Immigration and Protection Amendment Act 2010.

The Internal Audit Act 2010 was read in by Government Senate Leader David Burch, who said: "This Government is leading in the area of good governance and efficiency. The bill promotes independence and accountability at all levels of the service."

UBP senator Jeanne Atherden said she supported the bill and appreciated that the board could be composed of non-civil servants.

Junior Minister of Tourism Marc Bean said Norwegian Cruise Line had extended the stay of one of its ships from two to three nights.

"Waiving the passenger cabin tax would raise their tax commitment," he said. "It should be noted that in good faith, NCL refunded the tax to its passengers. Bermuda has one of the highest cruise ship taxes in the world."

Opposition Senate Leader Michael Dunkley said he supported the legislation.

Attorney General Kim Wilson read the BMA act which will increase non-executive members on its board of directors from eight to ten. It will also raise annual fees payable by licensed institutions by about five percent for the coming year.

She said the fees for 2010 aim to cover the widened regulatory and supervisory functions of the BMA. The Authority is responsible for the supervision, regulation and inspection of financial institutions operating in Bermuda.

It also issues currency, manages exchange control transactions, assists in the detection of financial crimes, advises Government on monetary matters and regulates the Bermuda Stock Exchange.

The Bermuda Immigration and Protection Amendment Act 2010 follows the Bermuda Immigration and Protection Amendment Act 2007 — a law designed to outlaw the practice of fronting, where non-Bermudians gain an unlawful interest in land here by using a Bermudian "front".

Sen. Burch said the Act requires non-Bermudians who contribute towards mortgage payments or benefit from rent on a property to be licensed — even if they are not named on the title deeds.