Financial Crime World

Bermuda’s Efforts to Effectively Implement Russia Sanctions Regime

In a statement before the House of Assembly, Minister [Minister’s Name] highlighted Bermuda’s commitment to implementing the Russia sanctions regime effectively and transparently.

Monitoring Frozen Assets

The Minister emphasized the importance of monitoring the value of frozen assets on an annual basis, which provides an opportunity to identify any fluctuations in value that may be legitimate or could indicate sanctions breaches. This transparency is crucial for maintaining trust in the sanctions regime.

Sanctions Forum

The Sanctions Forum was a valuable opportunity for Overseas Territories (OTs) and Crown Dependencies (CDs) to network and unify processes and protocols regarding licensing, enforcement, and engagement.

Bermuda’s Russia Sanctions Regime Update

Regarding Bermuda’s Russia sanctions regime, the Minister provided an update on the Financial Sanctions Implementation Unit’s (FSIU) efforts to ensure effective implementation. The FSIU has been at the forefront of Bermuda’s financial sanctions response to Russia’s unprovoked attack on Ukraine, working closely with UK authorities and OT counterparts to implement the most stringent financial sanctions measures in history.

Key Components of the Regime

The Minister highlighted the key components of the regime:

  • Asset Freezes: 139 compliance reporting forms have been logged since February 2022, including notification of frozen assets totalling over $219.5 million.
  • Licensing: 11 licenses have been issued under the Russia Regime, including:
    • Four general licences
    • Five individual Financial Sanctions Licences
    • Two individual Trade Licences
  • Reporting Obligations: All relevant firms, natural and legal persons, entities, and bodies are required to supply the FSIU with any relevant information as soon as practicable.

Commendation and Future Plans

The Minister commended the Sanctions Unit, led by Ms. Renee Foggo and Ms. Jaleesa Simons, for their tireless work in ensuring Bermuda’s compliance with sanctions obligations. The FSIU intends to expand its engagement with various sectors to ensure sanctions measures are implemented effectively and combat circumvention of sanctions obligations.

Encouragement for Public and Private Sector

The Minister emphasized the importance of public and private sector understanding of sanctions’ obligations and encouraged continued vigilance by the Sanctions Unit using all tools at their disposal.