Former Bermuda Police Service Superintendent Sinclair White was yesterday named as the chairman of the Financial Intelligence Agency (FIA), the latest addition to the Island's armoury in the war on money laundering.

And Government has also hired former Bermuda Monetary Authority (BMA) chief executive officer Cheryl-Ann Lister to oversee coordination of Bermuda's anti-money laundering and counter financing of terrorism activities.

The FIA will serve as a "clearing house" for suspicious activity reports (SARs) on companies or individuals operating the Island.

Functioning independently of Government, it will pass on any reports worthy of investigation to the Police's entirely separate Financial Investigation Unit (FIU).

Creating the extra layer between financial regulator the BMA and the FIU will take some of the workload off the other two bodies, as well as bring the Island into line with recommendations made by international standard-setting body the Financial Action Task Force.

Attorney General and Minister of Justice Kim Wilson also announced at a press conference yesterday three other members of the FIA board.

They are Anthony Whaley, a corporate department partner with law firm Conyers Dill & Pearman; Greg Wojciechowski, president and CEO of the Bermuda Stock Exchange; and Patrick Tannock, executive vice-president and chief underwriting officer of Ace Bermuda.

A director for the FIA will also be appointed.

"The Government of Bermuda recognises and accepts the important international role that it must maintain to safeguard the security and economic integrity and well-being of Bermudians and people of other nations from the global threat of organised crime and terrorism," Sen. Wilson said.

Mr. White served as a Police superintendent from 2001 until he retired from the service last year. He also served as a training officer in central, crime investigations, operations, complaints and discipline divisions and in his last assignment he was in charge of the Operational Policing Division.

"The FIA is intelligence-driven," Mr. White said. "The FIU will remain as the investigatory unit. The FIA will receive any SARs, including international SARs."

The Financial Intelligence Agency Act was passed last year and included provision for a board whose members had appropriate expertise. One of its responsibilities will be to table an annual report in Parliament.

Finance Minister Paula Cox said the Government was committed to keeping up with international standards in terms of measures to combat money laundering and financing of terrorism.

"Our overall objective in Bermuda is clear — to establish and maintain oversight arrangements that are transparent, consistent with international standards, suited to the risk profile of our industries and effective in encouraging prudent conduct and high standards of corporate behaviour," Ms Cox said.

She stressed that "Bermuda is not known as a place with rank money laundering". "We are known as an insurance and an investment arena — not as a brass-plate jurisdiction. So we want to focus on areas key to our core functions," Ms Cox added.