The Government is to review regulations tackling money laundering and terrorist financing.

Kim Wilkerson, the Attorney-General and Minister of Justice, said consultation would be launched for feedback on proposed amendments to the Proceeds of Crime Act.

Ms Wilkerson made the announcement yesterday in the Upper House.

She said: “In our last mutual evaluation in 2020 by the Financial Action Task Force, Bermuda was deemed to have robust systems in place to combat money laundering and terrorist financing activities.

“However, the FATF has since revised its standards, which has triggered a review of the legislation currently in place.

“As a result, Bermuda must once again review and, where necessary, amend our legislative framework to ensure we remain fully aligned with these updated global requirements.

“This work is not just about regulatory compliance for compliance’s sake. It is about protecting our financial system, our reputation and our people. It is about ensuring that Bermuda remains a responsible player in the global financial ecosystem as we prepare for our Fifth Round Mutual Evaluation in October 2026.

“The Government is interested in soliciting industry and individual views, input and comments on the proposed amendments to address the requirements of the revised FATF standards at the country level.

“The purpose of the consultation paper is therefore to advise industry and the public of the proposed amendments, and solicit comments from stakeholders on the proposed amendments for areas of potential impact and concern to them.”

Ms Wilkerson outlined 11 potential changes, including the appointment of her office as the enforcement authority for the recovery of property obtained illegally.

Also on the list is an amendment to provide the legislative basis for a proliferation financing risk assessment and changes to suspicious activity reporting obligations on non-professional trustees.

Ms Wilkerson told the Senate: “These are not cosmetic changes. They are substantive reforms intended to keep Bermuda’s AML/ATF framework in lockstep with evolving global expectations and best practices.

“As such, we are inviting written submissions on these proposed amendments from stakeholders and the wider public.”

She gave July 30 as the deadline for submissions to be sent to info-namlc@gov.bm.

Ms Wilkerson added: “We must act with foresight, with diligence and with unity of purpose. The integrity and stability of our financial system, and our solid reputation in the international community, depends on it.“