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Bermuda Takes Steps to Prevent Terrorist Financing

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The National Anti-Money Laundering Committee (NAMLC) has advised the Bermuda government on measures to strengthen its anti-money laundering/anti-terrorist financing legislative framework. The proposed changes aim to further prevent money laundering, terrorist financing and the financing of proliferation.

Strengthening the Legislative Framework

In a consultation paper released last November, the Bermuda Government outlined its plans to amend relevant legislation in compliance with global standards. The public is invited to provide feedback and comments before November 30, 2021.

National Risk Assessments

The NAMLC also conducts national risk assessments to identify the money laundering and terrorist financing risks that affect Bermuda. The latest ML and TF Risk Assessments were conducted in 2020 and are now available for reference by both public and private sector stakeholders.

Combating Money Laundering and Terrorist Financing

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What is Money Laundering?

Money laundering occurs when illegal funds are made to appear legitimate, often through a series of financial transactions designed to conceal their criminal origins. Terrorist financing involves providing financial support to individuals or groups involved in terrorism, using techniques similar to those used by money launderers.

Relevant Laws

In Bermuda, the activities involved in money laundering and terrorist financing are criminalized under various laws, including the Proceeds of Crime Act 1997 and the Anti-Terrorism (Financial and other Measures) Act 2004.

Proliferation Financing

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What is Proliferation Financing?

Proliferation financing refers to providing financial support towards the development or delivery of nuclear, chemical or biological weapons. This includes activities related to their manufacture, acquisition, possession, export, trans-shipment, brokering, transport, transfer, or stockpiling.

Reporting Suspicious Activity

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What to Do if You Suspect an Offence

If you suspect that someone has committed a money laundering or terrorist financing offence, you are required to report your suspicion to the Financial Intelligence Agency (FIA). The FIA provides training and assistance to help identify suspicious activity and file reports.

International Cooperation

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Bermuda’s Membership in International Organizations

Money laundering and terrorist financing are global issues, requiring international cooperation. Bermuda is a member of the Caribbean Financial Action Task Force (CFATF) and works closely with the Financial Action Task Force (FATF) and the International Monetary Fund (IMF) to develop effective systems to combat these crimes.

Contact Information

Financial Intelligence Agency Strata ‘G’ Building, 30A Church Street, 6th Floor, Hamilton HM11 Telephone: (441) 292-3422 Email: info@fia.bm

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