The consultation will consist of two phases. The first phase addresses the proposals as to how Bermuda may incorporate the recommendations of the Financial Action Task Force on Money Laundering (FATF) into its legislative framework. FATF was established by the G-7 summit in Paris in 1989 in response to growing concern over money laundering. The consultation documents for the first phase are available here. The second phase will focus on a legislative framework for monitoring and enforcing the AML/CTF regime in Bermuda and the documents related to the second phase will be distributed later this month.
The deadline for submission of comments on the draft legislation is 10 June 2008 following which there will be a period of consultation before the legislation is finalized.
Responses should be sent to:
National Anti-Money Laundering Committee Office
c/o Mrs Cheryl-Ann Lister at clister@gov.bm
and copied to Mr Anthony Manders at amanders@gov.bm