Charities Act Regulations Commence On Dec 31
The Office of the Registry General is advising the public that the Charities Act 2014, the Charities Regulations 2014 and the Charities [Anti-Money Laundering and Anti-Terrorist and Reporting] Regulations 2014 will commence on December 31st 2014.
The Charities Act 2014 was passed in March 2014 and replaced the Charities Act 1978.
A spokesperson said, “The 2014 Act is based on the UK Charities Act 2011, but many parts of the new Act are uniquely written for Bermuda.
“The new Act designates the Registrar General as the competent authority for supervising charities, and gives the Registrar the power to conduct investigations, seize documents, to disclose information in his possession to other public authorities and to charge an annual registration fee [annual registration fees were not a requirement under the 1978 Act].
Acting Registrar General Aubrey Pennyman said, “The new Act basically imposes a more rigorous regulatory regime for charities and brings Bermuda into compliance with international standards on combating money laundering and the financing of terrorism pursuant to Recommendation 8 of the Financial Action Task Force.”
“Additionally, the 2014 Act will allow for the submission of applications for a temporary charities license.”
The Charities Regulations will be separated into two instruments a] the Charities Regulations 2014 and b] the Charities [Anti-Money Laundering and Anti-Terrorist and Reporting] Regulations 2014.
The new Regulations will prescribe the specific application form required for the registration of a charity. The particulars of the charity will then be entered in the Charity Register.
The new regulations also spell out what information and particulars are required in a charity’s annual statement of accounts and annual report, the anti-money laundering and anti-terrorist financing measures that must be implemented, the particulars required when applying for a temporary licence to solicit and collect donations from members of the public, and fees payable by charities to the Registrar.
“The new Act and Regulations will ensure that local non-profit and civil society organizations have a legal and regulatory framework that reflects the needs of charities in modern times,” said the Minister of Home Affairs Sen. Michael Fahy. “A sound legislative framework will assure and continue to confer special charitable status, and match public perception as to what is, and should be, charitable.”
The new forms and policies concerning charities will be and are available on www.registrygeneral.gov.bm.
The public is invited to attend information and training sessions on the new regulations which will be held at the Centre on Philanthropy on December 11 from 5:30 to 7:30pm, January 14 from 12pm –2pm, and January 19 from 5:30 to 7:30.
For more information, please contact the Registry General at registrygeneral@gov.bm.
