Financial Crime World

Bermuda Strengthens Its Anti-Money Laundering Policies

Bermuda Adheres to International Standards

Bermuda has reaffirmed its commitment to combating money laundering and terrorist financing by implementing robust anti-money laundering (AML) policies in line with international standards.

As a member of the Caribbean Financial Action Task Force (CFATF), a regional body of the Financial Action Task Force (FATF), Bermuda is bound to adhere to the 40 FATF recommendations on preventing money laundering and nine special recommendations on combating terrorist financing.

Key Legislation and Regulations

  • Proceeds of Crime Act 1997: This act expanded provisions criminalizing the laundering of proceeds of crime and provided for the confiscation of a convicted person’s benefits from criminal conduct.
  • Anti-Terrorism (Financial and Other Measures) Act 2004: This act established a Suspicious Activity Reporting regime under which all persons must disclose knowledge or suspicion of money laundering or terrorist financing to the Financial Intelligence Agency (FIA).

National Anti-Money Laundering Committee

The National Anti-Money Laundering Committee, established under the Proceeds of Crime Act 1997, advises the Minister of Justice on matters related to the detection and prevention of money laundering in Bermuda. Members of the committee include senior officials from various government departments and regulatory bodies.

Enhanced AML Policies

To further enhance its AML policies, the Minister has made new regulations under the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008.

  • Bermuda Monetary Authority (BMA): The BMA is responsible for licensing, prudential supervision, regulation, and inspection of licensed entities.
  • Supervision and Inspection: The BMA ensures compliance with Bermuda’s AML/ATF systems and controls through supervision and inspection of affected financial institutions under the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement) Act 2008.

Conclusion

Bermuda’s commitment to implementing effective AML policies demonstrates its dedication to combating financial crime and protecting the integrity of its financial system.