Developments in Bermuda’s Anti-Money Laundering Regime

Bermuda’s businesses have implemented “know your customer” practices since the early 1980s. With the introduction of the Proceeds of Crime Act 1997 (the “Act”) the regime was formalized, and businesses have accepted the need to put in place appropriate procedures. The Act was amended in 2000 to extend the criminal conduct upon which money laundering could be based to all indictable offenses. These include offenses under the Taxes Management Act 1976, which had not previously been caught by the Act…[more]