As the Bermuda Monetary Authority (BMA) celebrates 50 years in 2019, we take a look back at the last five decades. From providing sound policy advice to pushing Bermuda
forward as a reputable place to conduct business, the BMA has had an incredible impact on Bermuda’s financial landscape.
Exchange Controls/Anti-Money Laundering Initiatives
Expansion of Duties
The third decade of the Bermuda Monetary Authority (BMA) saw further advances in broadening the BMA’s powers. The Bermuda Monetary Authority Act 1969 was amended to enable the BMA to supervise, regulate and inspect specified financial institutions by giving statutory backing to its involvement in processing applications for the incorporation of companies and the formation of partnerships, as well as the issue of permits to foreign companies. Whilst this function had previously been carried out by the BMA voluntarily, the need for permission to be given under the Exchange Control Act 1972 for the issue and/or transfer of shares to non-residents required the BMA to be automatically involved in many of the previous applications.