Financial Crime World

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Bermuda’s Commitment to Combating Money Laundering and Terrorist Financing

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The Government of Bermuda has demonstrated a continued commitment to combating money laundering and terrorist financing, with its latest National Risk Assessment (NRA) highlighting the jurisdiction’s ongoing efforts to deepen its understanding of these risks.

A Collaborative Approach to Risk Management

Since 2013, Bermuda has conducted regular risk assessments, engaging with the private sector and relevant supervisory authorities to identify vulnerabilities and develop effective measures to mitigate them. This collaborative approach has strengthened Bermuda’s risk-based Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) framework, ensuring compliance with international standards set by the Financial Action Task Force (FATF).

Key Risks Facing Bermuda

The NRA highlights key risks facing Bermuda, including:

  • The potential for money laundering and terrorist financing through the financial sector, particularly in relation to cash-intensive businesses and real estate transactions.
  • The need for enhanced due diligence and monitoring of high-risk customers and transactions.

A Comprehensive Regulatory Framework

Bermuda’s AML/CFT regime is underpinned by a comprehensive suite of legislation, including:

  • The Proceeds of Crime Act 1997, which establishes criminal offences related to money laundering and sets out investigative powers for law enforcement agencies.
  • Range of regulations and guidelines governing financial institutions and other sectors.

Economic Overview

Bermuda’s economy is predominantly based on tourism and international financial services, with the majority of the workforce employed directly or indirectly in these sectors. The jurisdiction has:

  • Four licensed banks, all serving domestic and international clients.
  • Approximately 1,300 AML/CFT regulated Financial Institutions (FIs).

Demographics

Bermuda’s population is comprised of around 63,779 individuals, with a high literacy rate and a large proportion of residents having higher education qualifications. The official language is English, and the country has a mature and transparent legal system.

International Cooperation

The NRA underscores Bermuda’s commitment to cooperating with international partners to combat money laundering and terrorist financing, and its willingness to implement recommendations from FATF and other relevant bodies.

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