Anti-Terrorism (Financial and Other Measures) Act 2004

Summary

This Bermuda Act establishes the core anti-terrorist financing (ATF) offences and powers used to cut off the financing of terrorism, and forms part of Bermuda's AML/ATF legal framework alongside the Proceeds of Crime Act 1997. It creates criminal offences for fund-raising, use, possession and laundering of terrorist property, imposes disclosure duties on persons who suspect terrorist financing, and gives the Minister and courts powers to issue directions, freeze or restrict business, and obtain account monitoring, production and search orders.

• Offences: Fund-raising, use and possession of money or property for terrorism, entering into funding arrangements, money laundering of terrorist property, tipping-off, and organising or directing others to commit these offences.
• Disclosure duty: A person in the regulated sector who suspects, on information from their trade, profession, business or employment, that a terrorist financing offence is being or has been committed must disclose this promptly to the Financial Intelligence Agency (FIA), subject to legal privilege exceptions.
• Regulatory tools for financial institutions and insurers: The Act allows regulations and Ministerial directions imposing customer due diligence, ongoing monitoring, systematic reporting, and requirements on AML/ATF regulated financial institutions, financial groups and insurers, including powers to limit or cease business with designated persons or countries.
• Account monitoring orders: Police may apply to a judge for an account monitoring order requiring a financial institution to provide specified account information for a set period, not exceeding 90 days, for the purposes of a terrorist investigation.
• Other investigative powers: The Act also provides for production orders, search warrants, forfeiture of terrorist cash and property, and offences relating to prejudicing an investigation.

The Act applies broadly across Bermuda's regulated sector and beyond, covering AML/ATF regulated financial institutions, insurers, casino operators, dealers in high value goods, real estate agents and brokers, professional accountants and professional legal advisers, as well as individuals generally in respect of the criminal offences it creates.

Key obligations

• A person who suspects, based on information from their trade, profession, business or employment, that another person is committing, attempting or has committed a terrorist financing offence (sections 5 to 8) must disclose this promptly to the FIA, unless an exemption applies.
• Persons subject to a direction issued under section 12B must comply with the requirements imposed, including any requirement to limit or cease business with designated persons; failure to comply is an offence.
• AML/ATF regulated financial institutions and insurers must apply customer due diligence and ongoing monitoring measures as required by regulations or directions made under the Act.
• AML/ATF regulated financial institutions and financial groups may be required to make systematic reports as directed.
• A financial institution served with an account monitoring order must provide the specified account information to a police officer for the period, in the manner, and by the times and places specified in the order (up to a maximum of 90 days).
• Persons must not tip off a subject of a suspicion or investigation in breach of the tipping-off provisions.
• Persons served with directions, production orders or search warrants under the Act must comply or face offences for non-compliance.

Applies to

AML/ATF regulated financial institutions, insurers, financial groups, casino operators, dealers in high value goods, real estate agents, real estate brokers, professional accountants, professional legal advisers, persons in the regulated sector generally

Deadlines

• 7 March 2005: Operative date on which the Act came into force.
• 90 days: Maximum period that an account monitoring order may specify for a financial institution to provide account information, beginning on the day the order is made.
• promptly: Timeframe within which a person under the disclosure duty must report suspected terrorist financing offences to the FIA.

Related documents

• This document amends Proceeds of Crime Act 1997
• Corporate Service Provider Business Act 2012 amends this document
• Anti-Terrorism (Financial and Other Measures) (Businesses in Regulated Sector) Order 2008 commences this document
• Corporate Service Provider Business Act 2011 (Consultation Draft) amends this document
• Digital Asset Business Act 2018 amends this document
• Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Amendment Regulations 2026 is made under this document
• Anti-Terrorism (Financial and Other Measures) (Businesses in Regulated Sector) Order 2008 is made under this document
• Money Service Business Act 2016 amends this document
• Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008 is made under this document
• Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement) Act 2008 amends this document