in principle, bipartisan support.

Community and Cultural Affairs Minister Yvette Swan introduced the bill for its second reading and said it would make criminals realise that "crime does not pay''.

Sen. Swan said the Act allowed for the confiscation of drugs trafficking proceeds and created money laundering offences.

"The purpose is to strike at the heart of major organised crime and deprive persons of the assets they obtained via illegal activities,'' she said. "It will hit the drug dealers exactly where it hurts, in their pockets.'' The Supreme Court will have the authority to determine -- as far as six years before the crime -- which assets were the proceeds of criminal activity.

Sen. Swan said the proceeds would go towards crime prevention materials and projects or even drug rehabilitation.

The Act also establishes a National Anti-Money Laundering committee and brings Bermuda in-line with international standards on money laundering, she added.

"This enables us to cooperate in the international war on drugs,'' Sen. Swan said. "And it enhances Bermuda's reputation as a financial jurisdiction of the highest integrity.'' But Opposition Senate Leader Milton Scott questioned if there was a "real'' war on drugs in Bermuda since it appeared that only small-time drug dealers and users frequented the courts.

"I don't see a real war on drugs going on,'' he said. "All we see coming to court are nickel and dimers.'' And Sen. Scott said the Act appeared more concerned with drug offences than white collar crime.

UBP Senator Allan Marshall said the Act combated any type of money laundering -- whether it was from drugs or other criminal activity.

He defined money laundering as the process in which the proceeds from illegal activity was disguised so that they appear to have arisen from legitimate sources.

Noting that some $300 to $500 billion was laundered globally Sen. Marshall said: "No one country can stop it on its own. We must all work together.'' PLP Sen. Terry Lister said most local businesses should already be looking "closely'' at their clients to protect not only the Island's reputation, but their personal reputation.

"A lot of this will be a formalisation of what we are doing already in international business,'' he said.

And he suggested establishing a separate ministry for international business.

"We already have people in the Ministry of Finance who are solely devoted to international business,'' Sen. Lister said. "This could help ferret out undesirables.'' Sen. Lister also question if those already serving time in prison for drugs trafficking could be prosecuted under the Act.

But UBP Sen. Larry Scott said those already convicted of a drugs crime could not be pursued under the new Act.

Independent Sen. Walwyn Hughes praised the Act saying it was one of the most important ones to go before the chamber during his Senate career.

"It has the potential to do good things.'' He said the Act provided "high level protection'' for institutions who have suspicions about a client.

And he pointed out that the bill excluded fiscal areas like taxation.

Government Senate Leader E.T (Bob) Richards said international business was very "sensitive'' about the area of fiscal offences.

"We had to strike a balance of taking away the motive but without shooting ourselves in the foot as far as international business.'' And he admitted that the bill was "long overdue''.

"People engage in the drug trade because of greed,'' Sen. Richards said.

"There is an incredible profit margin in drugs, in the region of thousands of percents.'' And he conceded that a previous similar bill -- the Drug Trafficking Suppression Act 1988 -- was not successful.

"That's why it's repealed with this one,'' he said.

In the old one, Sen. Richards explained, only the assets connected with the actual crime could be touched.

This Act, he said, would put an emphasis on the criminal to prove that his assets were not connected to a crime.

Independent Sen. Alf Oughton said the success of the Act will be measure by the number of cases that go before the courts.

And he suggested that any seized money should go into a designated fund so that the public could get a clear picture of how much was being seized and how it was being spent.

"The public will have a better perception of what is being done.''