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Two new pieces of legislation have been introduced in Bermuda, effective January 1, 2009. The Proceeds of Crime Regulations (Supervision and Enforcement) Act 2008 (the “Supervision Act”) and the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008 require all Anti-Money Laundering and Counter Financing of Terrorism (“AML/CFT”) regulated financial institutions to comply with various AML/CFT obligations under the recently updated and enhanced AML/CFT legislative framework.
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The Impact of the New Bermuda AML Regime on Investment Fund Operators and Administrators