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ARTICLE · 05 MAY 2022

Bermuda Report - Q1 2022

Carey Olsen
Carey Olsen
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Carey Olsen

Carey Olsen

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This report provides a summary of important legislative and regulatory developments in Bermuda for the quarter ended 31 March 2022.

BermudaFinance and Banking
Carey Olsen
Carey Olsen
Mary V. Ward
Mary V. Ward
Gavin Woods
Gavin Woods
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This report provides a summary of important legislative and regulatory developments in Bermuda for the quarter ended 31 March 2022. For this quarter, our report focuses on developments that are relevant to the following sectors: Anti-Money Laundering ("AML")/ Anti-Terrorist Financing ("ATF") and Sanctions; Banking; Company Law; Digital Assets; Economic Substance and Taxation; Employment and Immigration; Insurance; Investments; Privacy; and Telecoms/Utilities.

AML/ATF AND SANCTIONS

The Proceeds of Crime Amendment Act 2022 became operative on 27 February 2022. This Act amends the Proceeds of Crime Act 1997 and the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008. Of particular note, credit unions are now AML/ATF regulated financial institutions and the scope of AML/ATF regulation in relation to insurance marketplace providers has been limited to insurance marketplace providers acting in connection with direct long-term

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