Premier Burt Tables Compliance Legislation

September 19, 2017

David Burt Premier and Minister of Finance tabled in the House of Assembly, last Friday, the Real Estate Brokers’ Licensing Act 2017 and The Corporate Service Provider Business Amendment Act 2017.

“The purpose of the Real Estate Brokers’ Licensing Bill 2017 is to modernize the operation and supervision of the real estate industry according to international standards established by the Financial Action Task Force [FATF],” the Government said.

“Such amendments are essential to ensure that Bermuda’s laws and their implementation meet the objectives of FATF standards on combating money laundering and fighting terrorism financing within the real estate industry.

“The changes are to come into force in time for Bermuda’s mutual evaluation by the Caribbean branch of the FATF in September 2018. It is, therefore, important for Bermuda to be able to demonstrate the effective implementation of the Superintendent’s supervisory powers for at least one licensing period prior to next year’s evaluation.

“The purpose of the Corporate Service Provider Business Amendment Act 2017 is to revise the provisions relating to the classes of licensing for corporate service providers.

“The Bill clarifies that the limited license holders may, only in special circumstances, provide services relating to share transfers, changes in partners, and transfers of Limited Liability Company interests.

“The services are provided only in the case where the company, partnership or limited liability company being provided with the services has obtained, in accordance with the applicable legislation, the consent, approval or permission of the required Controller of Foreign Exchange or Bermuda Monetary Authority.

“This proposed amendment is a component of Bermuda’s compliance with international standards established by the FATF for corporate service providers which requires them to be subject to certain regulatory and supervisory oversight.

“The passage of this legislation is part of the continuing national priority to prepare Bermuda for the mutual evaluation in September 2018 by the Caribbean Financial Action Task Force. The crucial assessment measures Bermuda against international standards for combatting money laundering and terrorist financing.”

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Comments (3)

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  1. Bermuda Small Business says:

    Here we go, again!

    It’s now tough to do business in Bermuda, almost as onerous as major market centers..?
    Try keeping a bank account open? Need a lawyer to keep your account open? Faster and easier to open and maintain a bank account in US?
    There is NO distinction between local or foreign business or small versus large business for regulatory purposes?
    Small local business are getting buried in additional costs and bureaucrazy? Banks can do whatever they want…
    Killing local innovation and small businesses, one rule at a time! Less economic opportunity for Bermudians!
    I really feel sorry for those trying to start a local company (with limited liability protection).
    Can the PLP Government not review this to create less burden on local/small companies, which at this moment are struggling? LITE?

    Smiths!

  2. Kathy says:

    One of the requirements of FATF is to create a financial intelligence unit to collect and analyse data on suspicious transactions.

    How much is this going to cost the taxpayer or is this something the US CIA will facilitate?

    “Examples of financial intelligence analysis could include:

    Identifying high-risk housing tenants on the basis of past rental
    histories.
    Deterring tax payers trying to avoid their fiduciary obligations by moving
    wealth surreptitiously out of a tax-levying jurisdiction.
    Discovering safe havens where criminals park the proceeds of crime.
    Accounting for how a large sum of money handed to a targeted individual
    disappears
    Checking to see if a corrupt individual has had any sudden and unexplained
    windfalls.
    Detecting relationships between terrorist cells through remittances.

    From a legal standpoint, this type of collection can be quite complex. For example, the CIA obtained access to the Society for Worldwide Interbank Financial Telecommunication (SWIFT) data streams through the Terrorist Finance Tracking Program, but this violated Belgian privacy law.”

    Do we have privacy laws in place first and foremost in Bermuda? How do we know all our international customers will not flee our jurisdiction for fear of being monitored, like they all did in Switzerland? The banks in Switzerland have no customers anymore.

    Yet, in the USA, in safe havens like Nevada, Delaware, Montana, South Dakota, Wyoming and New York they don’t have to comply with half the stuff we are bowing to in Bermuda! Such a completely double standard and a way the US is attracting our customers back on shore in a very “clean” yet dirty way!!

  3. JUNK YAD DOG says:

    Can’t keep pushing things under the rug for ever.
    Can’t sugar coat ever thing.
    Here is what was not said under the flag pole.

    BERMUDA IS BUSINESS

    There are more important national issues.

    National debt.
    Public debt.
    Bank Interest rates.
    Taxing vacant Realestate.
    Cost of living.
    Waste.
    Public holidays
    Efficiency.
    Time management.
    Redundant services.
    Money management.
    Future energy Requirements.
    2 hour Lunch breaks.