ANTI-MONEY LAUNDERING & ANTI-TERRORIST FINANCING
The Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008 (“the AML/ATF Regulations”) requires independent professionals to put in place and maintain appropriate procedures for the detection and prevention of money laundering and terrorist financing. The Proceeds of Crime (Anti-Money Laundering and Anti-terrorist Financing Supervision and Enforcement) Act 2008 ("the Supervision and Enforcement Act") provides for the designation of a professional body as a supervisory authority for relevant persons regulated by it. This supervisory authority is also responsible for ensuring that those firms regulated by it are supervised and monitored in their compliance with the Proceeds of Crime legislation.
The Barristers and Accountants AML/ATF Board (“the AML/ATF Board”) is a statutory board established jointly by the Institute of Chartered Accountants ("ICAB”) and the Bermuda Bar Association (the Bar") pursuant to Section 8A of the Institute of Chartered Accountants of Bermuda Act 1973 and Section 25A of the Bermuda Bar Act 1974. The AML/ATF Board has been designated by the Minister of Justice under Section 4(1) of the Supervision and Enforcement Act to be the supervisory authority for AML/ATF regulation of independent professionals as defined by Regulation 2 of the AML/ATF Regulations.
The AML/ATF Board consists of a Chairman who has been jointly appointed by ICAB and the Bermuda Bar Council (“Bar Council”) together with a minimum of 4 and a maximum of 8 other members, half of whom shall be appointed by ICAB and the other half of whom shall be appointed by Bar Council to hold office for a term of up to 3 years. The Chairman of the Board is Ms. Christine Patton. A Supervisor has been engaged to assist the AML/ATF Board to ensure that regulated professional firms comply with the requirements of Part 4 of the Supervision and Enforcement Act and with the AML/ATF Regulations. The Supervisor is Kim Wilson who is also the Secretary to the Board.
Firms are required to register with the Board pursuant to Section 30B of the Supervision and Enforcement Act and forms may be obtained from the Board's supervisor.
Supervisor appointment of Kim N. Wilson as Supervisor effective April 1, 2013: The Barristers and Accountants AML/ATF Board is pleased to announce the appointment of Kim N. Wilson as Supervisor, effective April 1, 2013. Kim Wilson served as the Attorney General and Minister of Justice of Bermuda between 2007-2010 & 2011-2012. In that role, she provided oversight and policy direction for all legislative and regulatory matters associated with money laundering and terrorist financing.
Effective 1 May 2016, the Barrister and Accountants AML/ATF Board Office will be located at the following address:
Barristers & Accountants AML/ATF Board
2nd Floor, Boyle Building
31 Queen Street
Contact the Board: email@example.com
Contact the Supervisor Ms. Kim Wilson: firstname.lastname@example.org
- PDF OF AML/ATF LAWYERS GUIDANCE NOTES
- LTR FROM AML/ATF CHAIRMAN TO THE PRESIDENT OF THE BAR RE REGISTRATION WITH AML/ATF OFFICE NOV 26, 2012