This report provides a summary of important legislative and
regulatory developments in Bermuda for the quarter ended 30 June
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; Digital Assets; Employment and Immigration;
Insurance; Investment Business; Investment Funds; Privacy;
Telecoms/Utilities; and General Legal/Regulatory Reforms.
AML/ATF AND SANCTIONS
The Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist
Financing) Regulations 2008 require the Bermuda regulated sector
and relevant persons to put in place policies and procedures in
order to prevent activities related to money laundering and
terrorist financing and to apply enhanced customer due diligence to
high-risk jurisdictions. On 11 April 2022, the Ministry of Legal
Affairs and Constitutional Reform issued the AML-ATF Advisory
1/2022 regarding the risks
