The Bermudian government has put forward proposals to amend the jurisdiction's anti-money laundering regime in the wake of revised recommendations on the subject issued by international bodies such as the Financial Action Task Force (FATF).
Revisions to the FATF recommendations released in June 2003 included the expansion of the due diligence process for financial institutions, the prohibition of "shell" or "brass plate" banks, and working towards increased transparency of companies and trusts.
Changes reflecting these revisions will be made to the guidance notes for the country's Proceeds of Crime Act. Regulated financial institutions have already received copies of the proposals, and are expected to furnish the Ministry of Finance with feedback next month.
According to a Royal Gazette report, the Bermudian authorities are still mulling further possible changes, including a modification of the rules relating to "reliable introductions", and the possibility of making the aforementioned legislative changes retroactive.
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