Bermuda Prepares For 5th Round Mutual Evaluation

The Bermuda National Anti-Money Laundering Committee (NAMLC) recently published a draft Proceeds of Crime Miscellaneous Act 2025 (Bill) for consultation in preparation for Bermuda's 5th Round Mutual Evaluation which commences October 2026. Since Bermuda's last mutual evaluation in 2020, the Financial Task Force (FATF) Standards have been revised. As a result, the amendments in the Bill will ensure Bermuda remains compliant with FATF standards. Below is a summary of the amendments.

Summary of amendments

• The Proceeds of Crime Act 1997 (POCA 1997) will be amended to correct the reference to the definition of fund administration provider business.
• Section 42B(1) of the POCA 1997 will be amended to enable all supervisory authorities to advise the Minister responsible for Justice on the designation of financial groups.