Tighter laws are now in place preventing Bermuda businesses from working with Iran-based companies that finance nuclear development and weaponry.

Attorney General Kim Wilson announced this morning that the Iran (United Nations Measures) (Overseas Territories) (Amendment) Order 2007 ("the Order"), made by the Privy Council as a United Kingdom (UK) Order in Council on July 25, 2007 was just extended to Bermuda.

Senator Wilson told a press conference: "By way of background, the 2007 Order makes it a criminal offence for financial institutions, unless they have a licence from the Governor, to have any dealings with the funds or economic resources of designated persons - any individuals or entities acting on their behalf or entities controlled by them; or any individuals or entities determined to have assisted designated persons in evading the sanctions of or violating the provisions of relevant UNSC Resolutions."

She continued: "The extension of the order to Bermuda is part of a range of ongoing actions in relation to Iran taken by the Government of Bermuda in response to, among other things, the recent advisories issued by the Financial Action Task Force (FATF) and actions taken by the UNSC and the Council of the European Union.

"These measures once again demonstrate the commitment of the Government of Bermuda to strengthening the anti-money laundering/anti-terrorist financing (AML/ATF) regime of Bermuda and to ensuring that Bermuda continues to play an important role in the global fight against money laundering, proliferation financing and the financing of terrorism."

See tomorrow's Royal Gazette for the full story.