Bermuda Updates Anti-Money Laundering Advisories to Prevent Financial Crimes

The Bermuda Government has released an updated anti-money laundering advisory, highlighting jurisdictions that are considered high-risk due to inadequate control measures in place to prevent financial crimes.

High-Risk Jurisdictions

The advisory lists the following countries as having lax anti-money laundering and counter-terrorism financing regulations:

Iran
Myanmar (Burma)
Democratic People’s Republic of Korea (North Korea)

These jurisdictions have been placed on the “black list” of high-risk countries. The Government is advising parties to apply enhanced due diligence measures in accordance with the risks associated with these countries.

Grey List Jurisdictions

In addition, the advisory includes 22 jurisdictions that are recommended to take appropriate actions to minimize risk:

Bulgaria
Burkina Faso
Cameroon
Croatia
Democratic Republic of the Congo
Haiti
Kenya
Mali
Monaco
Mozambique
Namibia
Nigeria
Philippines
Senegal
South Africa
South Sudan
Syria
Tanzania
Venezuela
Vietnam
Yemen

These jurisdictions have committed to resolving deficiencies and are working with the Financial Action Task Force (FATF) or other regional bodies. The FATF is urging them to complete their action plans expeditiously and within agreed-upon timeframes.

Risk-Based Approach

The advisory emphasizes that the FATF does not advocate for the application of enhanced due diligence measures against these jurisdictions. Instead, it encourages a risk-based approach and recommends taking into account the information presented in the risk analysis when dealing with customers from these countries.

Accessing the Full Update

The full update is available online at www.gov.bm/international-sanctions-measures.