Bermuda’s independent watchdog against financial crime continues to fight money laundering and terrorist financing despite its “limited resources”.

Kathy Lynn Simmons, the Attorney-General, said the Financial Intelligence Agency had been budgeted $1.625 million for the 2022-23 fiscal year — up just $1,000 from the previous year.

The agency gathers and analyses information on suspicious activities and transactions to alert the Bermuda Police Service as well as foreign intelligence authorities.

Ms Simmons told MPs on Friday during a Budget debate on her ministry that the FIA had not been “unduly impacted” through 2021-22 by the continuing Covid-19 pandemic, with staff working remotely.

Staff continue to train up online on issues ranging from cryptocurrency and corruption to proliferation financing and environmental crime.

The FIA’s focus is on training and the updating of its website for the coming fiscal year, Ms Simmons said.

Challenges over the last fiscal year revolved around “IT matters and resources”.

But the FIA took in 514 reports of suspicious activities or transactions.

Ms Simmons said that the agency gave 123 disclosures to local law enforcement and 22 disclosures to foreign financial intelligence units.