Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement) Designation Order 2012 (BR 64/2012)

Summary

This is a short designation order made under the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement) Act 2008. It formally designates the Barristers and Accountants AML/ATF Board as the supervisory authority responsible for AML/ATF oversight of independent professionals in Bermuda.

• What it does: Designates the Barristers and Accountants AML/ATF Board as a supervisory authority under section 4 of the 2008 Act.
• Who it covers: Independent professionals as defined in regulation 2 of the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008, i.e. barristers and accountants acting in that capacity.
• Effect: Confirms the Board's regulatory authority and supervisory jurisdiction over these professionals for AML/ATF compliance purposes; it does not itself create new AML/ATF compliance duties for firms beyond confirming who supervises them.

The Order is administrative in nature, establishing the supervisory structure rather than imposing new substantive AML/ATF obligations on regulated persons; those obligations arise separately under the 2008 Regulations and Act.

Applies to

Independent professionals (barristers and accountants), Barristers and Accountants AML/ATF Board

Related documents

• This document commences Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement) Act 2008
• This document is made under Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement) Act 2008