Bermuda’s Commitment to Anti-Money Laundering and Combating the Financing of Terrorism

Introduction

The Government of Bermuda is dedicated to protecting its financial system from abuse by criminal elements. This commitment is reflected in the country’s efforts to continually improve its understanding of money laundering (ML) and terrorist financing (TF) risks.

Key Action Items

• Bermuda’s Commitment: The Government of Bermuda is determined to continually improve its understanding of ML and TF risks in Bermuda.
• Risk Assessments: Competent and supervisory authorities have actively involved themselves in ML/TF risk assessments, enabling them to better understand Bermuda’s ML and TF risks.
• Industry Involvement: Industry has played a key role in these assessments, providing critical input into the process.
• Dissemination of Results: Relevant supervisory authorities have held information sessions and provided written documentation on relevant threats and vulnerabilities to industry.
• Continued Efforts: With continued diligence and hard work, Bermuda can continue its international commitment to effectively combat ML, TF, and the financing of proliferation.

Enhancing Understanding of ML/TF Risks

The report aims to ensure that financial institutions (FIs) and Designated Non-Financial Businesses and Professions (DNFBPs) in Bermuda have a comprehensive understanding of the ML/TF risks associated with their respective sectors.

• Financial Institutions: FIs must be aware of the ML/TF risks related to their services, such as currency exchange, account opening, and wire transfers.
• Designated Non-Financial Businesses and Professions: DNFBPs, including real estate agents, lawyers, and accountants, must understand the ML/TF risks associated with their professions.