Jul.12, 2010

A watchdog to regulate lawyers and accountants to prevent money laundering and the financing of terrorism in Bermuda is to be formed.

The board will be set up under the Proceeds of Crime Regulations (Supervision and Enforcement) Amendment Act 2010, which was tabled in the House of Assembly on Friday.

The draft legislation will permit the self-regulating Bermuda Bar Association and the Institute of Chartered Accountants in Bermuda (ICAB) to jointly establish a board to regulate law and accountancy firms "in order to prevent money laundering and terrorist financing in Bermuda".

Attorney General Kim Wilson told The Royal Gazette the bill would allow Bermuda to achiever greater compliance with international standards for tackling money laundering and the financing of terrorism.

"These proposed amendments will further enhance the existing regulatory framework," said Sen. Wilson. "As a government, we are ensuring that we keep current with international best practice as it relates to money laundering and terrorist financing.

"As the Minister of Justice, I am committed in my efforts to operate a jurisdiction which has the necessary safeguards in place to best protect our borders from persons who would attempt to use our jurisdiction for unlawful means."

The bill was tabled by Cabinet Minister Neletha Butterfield on behalf of her colleague Michael Scott, Junior Justice Minister.

No one from the Bar Association or the ICAB was available for comment yesterday.