Anti-money laundering (AML) and counter financing of terrorism were top of the agenda for Government at an executive briefing held at Elbow Beach Hotel yesterday.

Kim Wilson, Attorney General and Minister of Justice, gave delegates an update on changes to the AML and counter financing of terrorism legislation and said that legislative and administrative changes over these issues were a top priority for Government.

She talked about the International Monetary Fund's 2007 report on Bermuda, which recognised the Island's programme of reform and update of its AML and counter financing of terrorism procedures was at an advanced stage, and the confirmation of the country's robust regulatory structure and level of compliance with international standards from an assessment by the US State Department, which placed Bermuda in the lowest risk category for money laundering. "We believe that our ongoing review and update of anti-money laundering and counter terrorist financing framework will continue to help us to build upon existing provisions that reflect compliance with best practice as laid down by international financial, criminal oversight and compliance bodies," she said.

Ms Wilson said Government has made significant progress on updating the legislative framework and, as a result, a number of key bills were introduced in November, with the rest expected to come into effect at the start of next year.

Among the legislation updated was the Proceeds of Crime Act 1997, the anti-Terrorism (Financial and Other Measures) Act 2004 and the Criminal Justice (International Cooperation) (Bermuda) Act, The Amendments to the Revenue Act 1898.

Other changes included modifications to the structure of the National Anti-Money Laundering Committee, a new administrative Financial Intelligence Agency responsible for receiving and analysing suspicious activity reports and the development of a new framework to monitor and enforce upon financial institutions compliance with the AML and counter financing of terrorism requirements.