Financial Crime World

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Bermuda Tightens Grip on Money Laundering with Firm Enforcement of AML Laws

Bermuda has taken a significant step in its efforts to combat money laundering and terrorist financing by implementing anti-money laundering (AML) laws that meet international standards set by the Financial Action Task Force (FATF). As a member of the Caribbean Financial Action Task Force, Bermuda works closely with FATF to prevent financial crimes.

Historical Background

The Proceeds of Crime Act 1997 took effect in January 1998 and criminalized the laundering of proceeds from crime. The law also provided for the confiscation of benefits from criminal conduct. This was further strengthened by the Anti-Terrorism (Financial and Other Measures) Act 2004, which introduced a Suspicious Activity Reporting regime.

Key Provisions

  • Criminalized the laundering of proceeds from crime
  • Provided for the confiscation of benefits from criminal conduct
  • Introduced a Suspicious Activity Reporting regime requiring financial institutions to disclose knowledge or suspicion of money laundering or terrorist financing to the Financial Intelligence Agency

National Anti-Money Laundering Committee

A National Anti-Money Laundering Committee was established under the Proceeds of Crime Act 1997 to advise the Minister of Justice on detecting and preventing money laundering, as well as participating in international efforts against the crime. The committee consists of high-ranking officials from various government agencies and regulatory bodies.

Regulations and Enforcement

The Minister of Justice has made regulations under the Proceeds of Crime Act to detect and prevent money laundering, including the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008. The Bermuda Monetary Authority is responsible for regulating the financial services industry, including licensing, supervision, and inspection of licensed entities.

Key Responsibilities

  • Regulates the financial services industry
  • Ensures compliance with Bermuda’s AML/ATF systems and controls through regular inspections and enforcement actions under the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement) Act 2008

Conclusion

These measures demonstrate Bermuda’s commitment to combating money laundering and terrorist financing, in line with international standards. By implementing these laws and regulations, Bermuda is taking a significant step towards preventing financial crimes and ensuring the integrity of its financial system.

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