Money Laundering Prevention a Top Priority in Bermuda
Bermuda has taken significant steps to strengthen its efforts against money laundering, with the establishment of an advisory body dedicated to advising on effective mechanisms to combat the scourge.
The Bermuda Anti-Money Laundering Advisory Committee
The Bermuda Anti-Money Laundering Advisory Committee was set up in January 1998 to provide guidance to the Minister of Legal Affairs and the Minister of Finance on matters related to money laundering, terrorist financing, and financing of proliferation. The committee’s mandate includes developing a national plan of action to coordinate efforts among competent authorities in Bermuda.
Key Responsibilities
- Developing policies aimed at preventing money laundering and combating its associated threats
- Shaping the island’s response to these issues, ensuring that Bermuda remains a safe and secure jurisdiction for international financial transactions
- Identifying effective mechanisms for competent authorities to share information and coordinate their efforts against money laundering, terrorist financing, and proliferation financing
Recommendations and Impact
The committee has been instrumental in shaping policies aimed at preventing money laundering and combating its associated threats. Its recommendations have helped shape the island’s response to these issues, ensuring that Bermuda remains a safe and secure jurisdiction for international financial transactions.
Industry Feedback
Industry stakeholders have praised the Bermuda Anti-Money Laundering Advisory Committee’s tireless efforts in promoting a robust anti-money laundering regime on the island. The committee’s dedication has helped maintain Bermuda’s reputation as a responsible international financial center, attracting businesses and investors from around the world.
Commitment to Excellence
As the global fight against money laundering continues to evolve, the Bermuda Anti-Money Laundering Advisory Committee remains committed to its mission of providing expert advice and guidance to ensure that Bermuda remains at the forefront of anti-money laundering efforts.