Vexed Bermoothes

The rumble has quietened down over the identity the beneficiaries of the trust involved in the troubled courthouse project.  One side says we should have transparency.  The other says we can do what we want, nanny nanny booboo.

It is interesting to see the Bermuda Government’s newly expanded AML/ATF requirements for financial institutions that do business with trusts:

The institution must verify the identities of the trustees (or equivalent) as beneficial owners, if not already identified as customers of the institution. The identities of other beneficial owners, either individuals or a class, as appropriate, must also be verified

Moreover, special efforts must be undertaken when “politically exposed persons” (aka PEP) are involved in a trust.

Individuals who have or have had a high political profile, or hold or have held public office, can pose a higher money laundering or terrorist financing risk to institutions as their position may make them vulnerable to corruption. This risk also extends to members of their immediate families and to known close associates. PEP status itself does not, of course, incriminate individuals or entities. It does, however, put the customer or the beneficial owner, into a higher-risk category.

It seems pretty logical.  One would hope that Government would follow its own advice. See also.