Bermuda Enhances Anti-Terrorist Financing and Money Laundering Controls
Strengthening Financial System Protection
HAMILTON, Bermuda - The Government of Bermuda has taken significant steps to strengthen its anti-terrorist financing (ATF) and money laundering (ML) controls, demonstrating its commitment to safeguard the financial system from criminal elements.
Building on Existing AML Obligations
Bermuda’s financial sectors have been subject to Anti-Money Laundering (AML) obligations and supervision for an extended period. This has led to greater awareness and understanding of AML matters among these institutions, enabling them to effectively implement risk-based approaches in their AML/ATF efforts.
Focus on Risk-Based Approaches
The report emphasizes the importance of focusing on those threats and vulnerabilities that are most relevant to each sector. It also highlights the need for continued diligence and hard work to effectively combat ML, TF, and the financing of proliferation.
National Strategy and Action Plan
In 2016, a national strategy and action plan were formally documented, which has already shown a positive impact. The Government has committed to continually improving its understanding of ML and TF risks in Bermuda and strengthening its AML/ATF framework.
Key Action Items
To ensure the continued effectiveness of the AML/ATF framework, key action items have been given high priority. These include:
- Legislative changes
- Institutional changes
- Operational changes
- Ongoing work to review and update the national strategy and action plan
Collaboration between Authorities and Industry
Competent and supervisory authorities have played a key role in the assessments, working collaboratively with industry stakeholders to further their knowledge and understanding of Bermuda’s ML and TF risks. Industry has also provided critical input into the process.
Intelligence and Law Enforcement Focus
The report emphasizes the importance of intelligence and law enforcement focusing on financial crimes stemming from the financial services sector. Supervisors should focus on sectors and entities that have the most prominent vulnerabilities.
Risk-Based Approach in AML/ATF Activities
It is essential for the private sector to review the results of risk assessments and ensure that AML/ATF activities appropriately reflect a required risk-based approach.
Minister’s Statement
“Bermuda is committed to continually improving its understanding of ML and TF risks and strengthening its AML/ATF framework,” said [Name], Minister of Finance. “We are taking a proactive and collaborative approach to combat these threats, working closely with industry stakeholders and competent authorities to ensure the effectiveness of our regime.”
Report Availability
The report can be accessed on the Government’s website.