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Alternative Market Briefing

Other Voices: The impact of the new Bermuda anti-money laundering regime on investment fund operators and administrators

Tuesday, May 12, 2009

This article was authored by international law firm Conyers Dill & Pearman:

Two new pieces of legislation have been introduced in Bermuda, effective January 1, 2009.

The Proceeds of Crime Regulations (Supervision and Enforcement) Act 2008 (the "Supervision Act") and the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008 require all Anti-Money Laundering and Counter Financing of Terrorism ("AML/CFT") regulated financial institutions to comply with various AML/CFT obligations under the recently updated and enhanced AML/CFT legislative framework.

In March 2009, the Bermuda Monetary Authority ("BMA") announced that it had published Anti-Money Laundering Guidance Notes and a Statement of Principles as part of Bermuda's enhanced AML/CFT framework.

The updated legislation defines "Financial Institutions" as persons who, among other things, carry on the business of a "fund administrator" within the meaning of the Investment Funds Act 2006 (the "IFA"); or are "operators" of investment funds within the meaning of the IFA.

The guidance provided is of direct relevance to the senior management of such Financial Institutions and to their respective Reporting Officers (see below). The BMA expects Financial Institutions, under its supervision, to address their management of the relevant risks in a thoughtful and considered way, and to establish and......................

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