Bermuda has committed itself to implementing and maintaining a robust framework to combat money laundering and terrorist financing. At the core of Bermuda’s fight against money laundering (ML) and terrorist financing (TF) is being cognizant of the ML/TF risks associated with the various business sectors such as real estate.
In furtherance of the on-going assessment of Bermuda’s ML/TF risk, the Superintendent of Real Estate (the “Superintendent”) has exercised his right as the competent authority with supervisory duties over real estate brokers in Bermuda to require that brokers provide such information as is specified in the Annual Statistical Return. See Regulation 16 of the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist financing Supervision and Enforcement) Act 2008.
Brokers Engaged in Sales/Purchases Transactions and Rentals Only
Due Date: 15 March each year
(for brokers whose business involves sales and purchase transactions)
(for brokers whose business is only rentals and other real estate ancilliary services)
Legislation
Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008