White-collar criminals, money launderers and crypto fraudsters are in the cross-hairs of police undergoing new training in financial crimes.

Detectives from the Bermuda Police Service’s financial crime unit, criminal investigation unit and narcotics squads started a two-week course on Monday aimed at financial investigations, asset recovery, confiscation and forfeiture and investigating virtual (crypto) currencies.

Police said the course has been literally funded from the proceeds of crime, as it has drawn on the Confiscated Assets Fund, which is where cash and forfeiture orders of the courts are deposited when the court has been satisfied that a person has benefited from criminal conduct.

“These monies are then utilised partly by law enforcement in combating money laundering, terrorist financing and drug trafficking,” Detective Superintendent Nicholas Pedro, the head of the Crime Division, said.

Shauna Mackenzie, acting chairwoman of the National Anti-Money Laundering Committee, told police that they were on the “front line” of combating money laundering, terrorist financing and the financing of weapons of mass destruction.

The course comes after international assessors from the Caribbean Financial Action Task Force (CFATF) said Bermuda’s record on asset confiscation and forfeiture needed improvement.

The statement said: “Upon completion of the course, the detectives will be considered trained financial investigators, and also receive certificates in the investigation of virtual currencies. The course is being provided by Gentium UK, a worldwide provider of training and services in financial and cryptocurrency investigations.”