Bermuda Monetary Authority Amendment Act 2004
BERMUDA MONETARY AUTHORITY AMENDMENT ACT 2004

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BERMUDA
2004 : 1

BERMUDA MONETARY AUTHORITY AMENDMENT ACT 2004

[Date of Assent: 10 March 2004]

[Operative Date: 10 March 2004]

WHEREAS it is expedient to amend the Bermuda Monetary
Authority Act 1969.

Be it enacted by The Queen's Most Excellent Majesty, by and
with the advice and consent of the Senate and the House of Assembly of
Bermuda, and by the authority of the same, as follows:

Short title
1 This Act may be cited as the Bermuda Monetary Authority
Amendment Act 2004.

Interpretation
2 In this Act, "the principal Act" means the Bermuda Monetary
Authority Act 1969.

Amendment of section 1
3 Section 1 of the principal Act is amended in subsection (1) by
inserting the following definition in its proper alphabetical position 

""financial crime" means any offence which involves 

(a) dishonesty or fraud;

(b) unlawful activity connected with a financial market; or

BERMUDA MONETARY AUTHORITY AMENDMENT ACT 2004

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(c) dealing with the proceeds of "criminal conduct" as
defined by the Proceeds of Crime Act 1997;".

Amendment of section 3
4 Section 3 of the principal Act is amended by inserting the
following subsection next after subsection (2)

"(3) The Authority, in the course of its general responsibilities
for the supervision, regulation and inspection of financial
institutions, shall have regard to the need for financial
institutions to be alert to the risk that they may be used in
connection with financial crime and to the consequent need to
have appropriate arrangements in place to monitor and control
its incidence.".

Amendment of section 26
5 Section 26 of the principal Act is amended in subsection (1) by
deleting "four" and substituting "two".

Amendment of section 27
6 Section 27 of the principal Act is amended

(a) by deleting subsections (1) and (1a) and substituting the
following subsections 

"(1) The Board shall with the approval of the
Minister appoint an auditor.

(1A) The accounts of the Authority shall be audited
annually by the auditor appointed under subsection (1).

(1B) Upon completion of the audit, the auditor shall
present the audited accounts to the Board."; and

(b) in subsection (2), by inserting immediately after the word
"Auditor", wherever it occurs, the following word 

"General".

Amendment of section 28
7 Section 28 of the principal Act is amended in subsection (1) by
deleting "two" and substituting "four".