The Barristers and Accountants AML/ATF Board (the "Board") is a statutory board established jointly by the Chartered Professional Accountants of Bermuda (CPA Bermuda) and the Bermuda Bar Association (the "Bermuda Bar"), pursuant to Section 8A of the Institute of Chartered Accountants of Bermuda Act 1973 and Section 25A of the Bermuda Bar Act 1974. The Board has been designated by the Minister of Justice under Section 4(1) of the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement) Act, 2008 (the “Act”) to be the supervisory authority for regulated professional firms (barristers and accountants) as defined by Regulation 2 of the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008 (“the AML/ATF Regulations”).
The Board consists of a Chairman who has been jointly appointed by CPA Bermuda and the Bermuda Bar Council (“Bar Council”) together with a minimum of 4 and a maximum of 8 other members, half of whom shall be appointed by CPA Bermuda and the other half of whom shall be appointed by Bar Council to hold office for a term of up to 3 years.
The following persons have been appointed to the AML/ATF Board:
Michael Fahy - Chairman
A Supervisor has been engaged by the Board to ensure that regulated professional firms comply with the requirements of Part 4 of the Act and with the AML/ATF Regulations. The Supervisor is Mrs. Kim Wilson who is also the Secretary to the Board.