Legislation approved without objection
Three Bills were passed by the Senate in the House of Assembly yesterday.
The Companies and Limited Liability Company Amendment Act 2017, the International Co-operation (Tax Information Exchange Agreements) Amendment (No 2) Act 2017, and the Proceeds of Crime Amendment Act 2017 were all approved without objection.
Under the Companies and Limited Liability Company Amendment Act 2017, companies operating out of Bermuda will now be required to retain their records for a fixed period of time after going into liquidation.
“Our ability to maintain our competitive standing in the global community requires that we continue to update our legislative framework as needed to meet international standards,” One Bermuda Alliance Senator Jeff Baron said of the bill.
Offering support from the Progressive Labour Party, Senator Kim Wilkerson said: “We understand the significance of Bermuda maintaining its compliance designation. We are satisfied with this piece of legislation.”
The International Co-operation (Tax Information Exchange Agreements) Amendment (No 2) Act 2017 addresses shortfalls in legislative compliance in Common Reporting Standards, and Country by Country Reporting.
“At the end of the day, it does keep Bermuda competitive as a jurisdiction of choice,” PLP Senate leader Renee Ming said of the amendment. “There is no real opposition from our side when we know what the greater and bigger picture looks like, because it extends to all of Bermuda.”
The final Bill, the Proceeds of Crime Amendment Act 2017, looks to ensure that Bermuda remains in compliance with international standards, improving the country’s regulatory framework with regards to antiterrorism funding, and anti-money laundering.
“This Bill is pertinent to Bermuda ‘s compliance with international standards, and the credibility of Bermuda’s regulatory practices,” OBA Senator Andrew Simons said. “Bermuda remains committed to working to achieve full compliance with the international standards.”
The Senate will meet next on Monday, February 27.