Bermuda is on its way to complying with international money laundering laws.

Junior Minister of Justice Michael Scott said in the House of Assembly on Friday: "The Government of Bermuda recognises that in recent years the worldwide effort to combat money laundering and the financing to terrorism has become of paramount importance and we fully embrace our role as a global player and international finance centre to both maintain and safeguard the security economic integrity and well being of Bermudians and people of other nations from the global threat of organised crime and terrorism."

Mr. Scott said that as a result of a visit from the International Monetary Fund, Bermuda has been able to raise its compliance rating and the next step will entail implementing IMF recommendations and then aligning Bermuda's legislation with the Financial Action Task Force.

Mr. Scott said that Bermuda has already created a Financial Intelligence Executive Board, and that former CEO of the Bermuda Monetary Authority Cheryl-Ann Lister is now a Consultant for the Ministry of Justice.

"Mrs. Lister is assisting in developing and monitoring the implementation of a detailed national action plan that will bring Bermuda's already rigid controls into alignment with the already global standards via the revised Financial Action Task Force and special recommendations," he said.

The aim is to maintain oversight arrangements that are transparent and consistent with international standards.