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Bermuda Takes Strong Stand Against Money Laundering and Terrorist Financing

Hamilton, Bermuda - A Bid to Strengthen Anti-Money Laundering (AML) and Anti-Terrorist Financing (ATF) Legislative Framework

In a bid to further strengthen its anti-money laundering (AML) and anti-terrorist financing (ATF) legislative framework, the Bermuda Government is set to introduce new proposed amendments to relevant legislation. The changes are aimed at ensuring compliance with global standards in the fight against money laundering and terrorist financing.

Enhancing Detection and Prevention of Money Laundering, Terrorist Financing, and Proliferation Financing

According to the National Anti-Money Laundering Committee (NAMLC), which advises the Ministers responsible for Finance, Legal Affairs and Constitutional Reform on matters related to AML/ATF, the proposed amendments will enhance Bermuda’s ability to detect and prevent money laundering, terrorist financing, and the financing of proliferation.

What is Money Laundering and Terrorist Financing?

Definition

  • Money Laundering: The process of making illegitimate or criminally-derived money appear as though it came from a legitimate source.
  • Terrorist Financing: Providing financial support to terrorism or persons who encourage, plan, or engage in terrorism.

Laws and Regulations

These activities are criminalized in Bermuda under various laws, including the Proceeds of Crime Act 1997 and the Anti-Terrorism (Financial and other Measures) Act 2004. The Bermuda Government takes these crimes seriously and has put in place measures to prevent and detect them.

Reporting Suspicious Activity

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

Contact Information for Reporting Suspicious Activity:

  • Director of the FIA
    • Strata ‘G’ Building 30A Church Street, 6th Floor Hamilton HM11
    • Telephone: (441) 292-3422
    • Email: info@fia.bm

Global Initiatives

Bermuda is a member of the Caribbean Financial Action Task Force (CFATF), which works to prevent money laundering and terrorist financing in the region. The Financial Action Task Force (FATF) sets global standards for AML/CFT efforts, while the International Monetary Fund (IMF) plays a key role in combating these crimes through assessments, technical assistance, and policy development.

The Bermuda Government remains committed to working with international partners to combat money laundering and terrorist financing. By implementing robust AML/ATF measures and cooperating with global initiatives, we aim to ensure that our financial system is secure and free from these illicit activities.