Bermuda Monetary Authority

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Bermuda Monetary Authority: Regulator or Promotional Agency?

A few years ago, the then head of enforcement for the Bermuda Monetary Authority was rendered apoplectic on stage at an OffshoreAlert Conference after being asked to name a single individual or legal entity that the financial services regulator had ever penalized or disciplined since it was established in 1969. It's difficult to come up with names off the top of your head when they number so few. Financial regulators in the United States penalize more financial miscreants in a typical afternoon than the BMA has in its entire 46-year history. For promotional purposes, the BMA's message is 'We have one of the three biggest insurance markets in the world. Yes indeed, sniff, sniff, we're the world's risk capital'. For regulatory purposes, the message seems to be 'Insurance market? What insurance market?'.

Insider Talking: October 29, 2010

Any lingering hope anyone had that details of the Bermuda Monetary Authority's investigation into Lines Overseas Management in 2004 2005 would ever become public knowledge faded when LOM settled a fraud complaint brought by the U. S. Securities and Exchange

Insider Talking: January 12, 2010

The Hedge Hog and Conserve Fund has become the latest example of the extraordinary reluctance of the Bermuda Monetary Authority to take any meaningful action against locally domiciled financial services firms that are suspected of illegal activity, no matter how

Insider Talking: July 19, 2009

Bermuda based husband and wife financial advisors were charged with stealing $360,000 from one of their companies, Emerald Capital International Ltd., and laundering the proceeds during a hearing at Bermuda Magistrates Court on July 9, 209. David Bolden, 44, a

Licensing of Bermuda investment companies begins

Bermuda-based companies offering investment services had until June 30 to be licensed by the Bermuda Monetary Authority under the Investment Business Act or otherwise seek an exemption.

Suspected money laundering in Bermuda

British police investigating an alleged fraud that could run into billions of pounds are looking into whether some of the money may have been laundered in Bermuda.But they have been criticized by Bermuda Monetary Authority general manager Malcolm Williams for making allegations about the island which appear unsupported by any evidence.

Bermuda budget will see relaxation of exchange controls in stages

The likelihood of foreign exchange controls being lifted in their entirety in the Budget on February 14 is considered to be virtually non-existent by Bermuda's financial community. While a complete overhaul of Bermuda's financial regulations may have been the Government's intention as recently as a few months ago, the issue has been turned on its head by talk of independence, according to businessmen.

Over 70 international banks represented in Bermuda

Tempting as it is to believe that international banking competition is next to impossible on a tiny island served by just three licensed banks, the belief could not be further from the truth.Bermuda's domestic banks compete for international business not only among themselves, but, increasingly, against powerful overseas financial institutions, some of which access the Bermuda market through local corporate vehicles that do not require banking licences.