Bermuda Takes Steps to Prevent Terrorist Financing: Guidance Notes Open for Consultation

The Bermuda Monetary Authority has released revised guidance notes aimed at strengthening the country’s anti-money laundering (AML) and anti-terrorism financing (ATF) measures. The move is designed to ensure compliance with the Financial Action Task Force’s (FATF) 40 recommendations, which were updated in 2012.

Background

According to section 5(2) of the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement) Act 2008, supervisory authorities are required to issue guidance notes that take into account any amendments to relevant legislation and developments in best practices.

Revised Guidance Notes

The Bermuda Monetary Authority is now inviting comments from all stakeholders on the revised “Guidance Notes for Anti-Money Laundering & Anti-Terrorist Financing (AML/ATF) Regulated Financial Institutions”. The consultation period will run for 30 days, ending on August 17, 2021.

How to Provide Feedback

Comments should be sent to amlresearch@bma.bm and include the subject “General Guidance Notes” in the email.

Importance of the Move

The move is seen as an important step in preventing terrorist financing and maintaining Bermuda’s reputation as a responsible financial jurisdiction. By strengthening AML/ATF measures, Bermuda can ensure that its financial system remains secure and compliant with international standards.

Key Takeaways

• The Bermuda Monetary Authority has released revised guidance notes to strengthen AML/ATF measures.
• The move aims to ensure compliance with FATF’s 40 recommendations, updated in 2012.
• Comments are invited from all stakeholders for a period of 30 days, ending on August 17, 2021.
• Feedback should be sent to amlresearch@bma.bm with the subject “General Guidance Notes”.