Bermuda’s Efforts to Combat Money Laundering and Terrorist Financing Recognized Internationally

Effective Anti-Money Laundering and Counter-Terrorism Financing Measures

HAMILTON, Bermuda - The Government of Bermuda has been recognized for its ongoing efforts to combat money laundering and terrorist financing, with a new report highlighting the jurisdiction’s commitment to staying ahead of evolving risks.

The report outlines Bermuda’s latest national risk assessment on money laundering and terrorist financing (ML/TF) and provides an overview of the island’s legislative framework, economic and social context, as well as its geographical and political situation. According to the report, Bermuda has used each ML/TF risk assessment conducted since 2013 to deepen its understanding of these risks and has demonstrated a progressively higher level of commitment to combating them.

Strengthened Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) Regulations

The jurisdiction has implemented various measures to stay ahead of evolving threats, including the strengthening of its AML/CFT regulations. Bermuda is committed to maintaining a robust AML/CFT regime that aligns with international standards.

“We are dedicated to ensuring that our financial system remains safe and secure for both Bermudians and the global community,” said [Name], Minister of Finance.

Comprehensive Legislative Framework

Bermuda’s legislative framework includes:

Proceeds of Crime Act 1997 (POCA)
Anti-Money Laundering Regulations 2008
Terrorism Financing (Prevention) Act 2008

These laws provide a comprehensive suite of measures to combat money laundering and terrorist financing, including requirements for financial institutions to report suspicious transactions.

Bermuda’s economy is predominantly based on tourism and international financial services, which employ the majority of the workforce directly or indirectly. The jurisdiction has a well-established network of legal professionals, a mature and transparent legal system, and a high literacy rate among its population.

International Recognition

The report concludes that Bermuda remains committed to combating money laundering and terrorist financing, and that its efforts have been recognized by international authorities as being in line with global standards.

“Bermuda’s commitment to AML/CFT is unwavering,” said [Name], Chairman of the Financial Intelligence Agency. “We will continue to work closely with our international partners to stay ahead of evolving threats and maintain a safe and secure financial system for all.”

Accessing the Full Report

The full report can be accessed on the Government of Bermuda’s website.