scope in the combating of money laundering.

The Attorney General, Mr. Elliot Mottley, has advised that Bermuda's money laundering laws deal only with drug traffickers, but he said changes were now being proposed to make money laundering a crime, whether drug trafficking is involved or not.

One proposal would allow the Finance Ministry to appoint a Supervisory Authority empowered to receive a report from a financial institution of any business transaction where there is any suspicion of money laundering.

That Supervisory Authority would, if they believe the suspicion is valid, advise the police, and investigate directly by having an appointee inspect any business records of the financial institution and interrogate its staff.

Mr. Mottley was speaking yesterday to more than 30 international Coopers & Lybrand accountants from Bermuda, the Caribbean, the UK and North America, who were attending Coopers & Lybrand's biennial two-day Caribbean Partners Conference at the Elbow Beach Hotel.

"If the Supervisory Authority has reason to believe that a person has committed, or is about to commit, a money laundering offence the Authority may apply to the court for an order that any document relevant to identifying, locating or quantifying any property or any document necessary for the transfer of any property belonging to or in possession or under the control of that person be delivered forthwith to the Supervisory Authority,'' said Mr.

Mottley.

"The order may state that the financial institution must produce to the Supervisory Authority all information obtained by the institution about the business transaction conducted by or on behalf of that person during such time as may be specified in the order.'' Meanwhile, financial secretary Mr. Peter Hardy, said that firm decisions were still yet to be made, after further consultation between his ministry and the Attorney General's Chambers. He could not say if such an Authority, if the measure is adopted, would mean the creation of a new bureaucracy.

The idea for a new Authority comes out of a draft model law prepared by the Commonwealth Secretariat, one of the significant measures being considered by Government.

The Supervisory Authority would have the power to apply to a magistrate for a search warrant for the premises of a financial institution when it is felt that: It has failed to keep business transaction records for a period of five years; or failed to report a transaction in which there is a suspicion that money laundering may have, or may be about to be committed; or when an officer or employee of the institution has committed or is about to commit a money laundering offence.

Mr. Mottley said the Supervisory Authority would have the power to track and monitor property.

d Mr. Elliot Mottley