Legislation to modernise supervision of the real estate industry to meet international standards has been tabled in the House of Assembly.

The Real Estate Brokers’ Licensing Act 2017 and The Corporate Service Provider Business Amendment Act 2017 were tabled by David Burt, Premier and Minister of Finance, last Friday.

The amendments are “essential to ensure that Bermuda’s laws and their implementation meet the objectives of Financial Action Task Force (FATF) standards on combating money laundering and fighting terrorism financing within the real estate industry,” stated the Ministry of Finance.

The changes will take effect in time for Bermuda’s evaluation by the Caribbean branch of the FATF in September 2018, allowing time for one licensing period in the meantime.

The assessment measures Bermuda against international standards for combating money laundering and terrorist financing, and are seen as essential for the island to continue to compete effectively as an international business centre.

The purpose of the Corporate Service Provider Business Amendment Act 2017 is to revise the provisions relating to the classes of licensing for corporate service providers. The Bill clarifies that the limited licence holders may, only in special circumstances, provide services relating to share transfers, changes in partners, and transfers of Limited Liability Company interests.

The services are provided only in the case where the company, partnership or limited liability company being provided with the services has obtained, in accordance with the applicable legislation, the consent, approval or permission of the required Controller of Foreign Exchange or Bermuda Monetary Authority.

This proposed amendment is a component of Bermuda’s compliance with international standards established by the FATF for corporate service providers which requires them to be subject to certain regulatory and supervisory oversight.