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New financial security legislation

Attorney-General: senator Kathy Simmons

Legislation strengthening Bermuda’s financial security regime has been approved.

The sweeping Proceeds of Crime Amendment (No 3) Act amends legislation for trusts, charities and casinos to keep Bermuda up to international standards for anti-money laundering and antiterrorist financing.

Brought before the Upper House by Senator Kathy Simmons, the Attorney-General, the Act won support from both sides of the Senate.

New provisions include empowering the Registrar General to investigate a charity without giving prior notice, should the organisation be suspected of links to money laundering or fraud.

One Bermuda Alliance senator Andrew Simons signalled the Opposition’s support as the island readies for its evaluation by the Caribbean Financial Action Task Force.

“That seal of approval is absolutely crucial to our continued success as a financial jurisdiction,” Mr Simons said.