NAMLC Consultation on Proceeds of Crime Bill (2025-08-27)

Summary

This is a consultation notice from Bermuda's National Anti-Money Laundering Committee (NAMLC) sharing a draft Bill to amend Bermuda's Proceeds of Crime Act, the Proceeds of Crime (AML/ATF Supervision and Enforcement) Act, and the Proceeds of Crime (AML/ATF) Regulations. The amendments respond to updated FATF Standards and are intended to prepare Bermuda for its 5th Round Mutual Evaluation beginning October 2026.

• Background: A prior Consultation Paper on proposed amendments was issued on July 10, 2025, and industry broadly supported the changes.
• Current step: The detailed consultation Bill itself is now being circulated for further stakeholder review.
• Action requested: Stakeholders are invited to submit written comments on the proposed legislative amendments.

This is a draft consultation document, not final legislation, so it creates no binding compliance obligations yet beyond the invitation to comment.

Key obligations

• Stakeholders wishing to comment must submit written comments on the proposed amendments to the Proceeds of Crime suite of legislation by September 8, 2025, via email to Info-NAMLC@gov.bm.

Applies to

AML/ATF regulated industry stakeholders in Bermuda

Deadlines

• September 8, 2025: Deadline for stakeholders to submit written comments on the proposed Proceeds of Crime Bill amendments via email to Info-NAMLC@gov.bm.