The Bermuda International Business Association (BIBA) and the Bermuda Insurance Institute have teamed up to educate executives about how to combat money laundering and computer fraud.

The two organisations are hosting a conference on the issue July 23 at Bermuda College. Speakers will include representatives from the National Criminal Intelligence Service of the UK's Treasury Department, from Bermuda's Ministry of Finance, and from the Bermuda Monetary Authority.

"The objective of the one-day conference is to provide delegates with an overview of global trends in money laundering and computer fraud, and guidance for establishing an in-house compliance programme,'' BIBA chairman Glenn Titterton said yesterday at a press conference.

He said criminals target offshore centres as transaction points for money laundering activities.

"The emergence of electronic commerce and the growth of `cyberpayment' transactions has provided money launderers with opportunities to move large amounts of cash quickly, and to conceal to a certain extent the movement of illicit funds,'' he said. "This conference provides local companies with the opportunity to learn more about the global trends in this illegal activity, whilst gaining more knowledge about effective detection and prevention techniques.'' While contending Bermuda has proper controls in place to prevent money laundering, he said the conference will help boost the Island's reputation for effective policing against crime.

Bermuda Insurance Institute vice president Reece Fletcher said it was vital that industry had the proper financial controls in place to prevent companies being used to launder money.

The conference will kick off with opening remarks by Premier Pamela Gordon.

CRIME FIGHTERS -- John Hill (left) of the Bermuda Monetary Authority, Glenn Titterton, chairman of the Bermuda International Business Association, Reece Fletcher, vice president of the Bermuda Insurance Institute, and Peter Sousa of the Ministry of Finance held a press conference yesterday.

BUSINESS BUC