Notice - Proposed Regulatory Changes to POCA AND POCR (2021-11-16)

Summary

This notice from the Bermuda Monetary Authority relays a consultation being run by the Office of the National Anti-Money Laundering Committee (NAMLC) on proposed amendments to the Proceeds of Crime Act 1997 (POCA) and the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008 (POCR). It is an informational notice about a draft bill and consultation paper, not itself a change in law.

• Purpose of changes: To address deficiencies identified in the Caribbean Financial Action Task Force's Mutual Evaluation Report on Bermuda's technical compliance, and to reflect the FATF's updated Recommendation 15 on New Technology
• Action requested: NAMLC invites industry stakeholders to review the consultation paper and appended draft bill and submit written comments or feedback
• How to respond: Comments should be sent by email to info-NAMLC@gov.bm

The notice does not itself impose new legal requirements; it seeks industry input before finalising legislative changes to Bermuda's AML/ATF regime.

Key obligations

• Stakeholders wishing to comment must submit written observations on the draft bill and consultation paper to info-NAMLC@gov.bm no later than 30 November 2021

Applies to

financial institutions and other industry stakeholders subject to Bermuda's AML/ATF regime

Deadlines

• 30 November 2021: Deadline for stakeholders to submit written comments and feedback on the consultation paper and draft bill amending POCA and POCR