Financial Crime World

Bermuda Tackles Financing of Terrorism with Proposed Legislative Changes

The Bermuda Government has proposed amendments to its anti-money laundering and anti-terrorist financing legislative framework in an effort to strengthen its compliance with global standards.

Enhancing Anti-Money Laundering and Anti-Terrorist Financing Measures

The National Anti-Money Laundering Committee (NAMLC) advises the Ministers responsible for Finance, Legal Affairs, and Constitutional Reform on matters related to money laundering, terrorist financing, and proliferation financing. The committee’s latest consultation paper outlines proposed changes aimed at further combating these illicit activities.

Public Feedback Invited

Public feedback is invited before November 30, 2021. A report detailing the results of the 2020 Money Laundering and Terrorist Financing Risk Assessments is also available for reference.

Understanding Money Laundering and Terrorist Financing

  • Money Laundering: Disguising illegal funds as legitimate income through complex financial transactions.
  • Terrorist Financing: Providing support, including financial assistance, to individuals or groups engaging in terrorism.

Both money laundering and terrorist financing are criminalized under Bermuda law, with penalties ranging from fines to imprisonment. The Financial Intelligence Agency (FIA) encourages anyone suspecting suspicious activity to report it promptly, offering one-on-one training to assist in identifying and reporting such incidents.

International Cooperation

Bermuda is committed to international cooperation in combating money laundering and terrorist financing. As a member of the Caribbean Financial Action Task Force (CFATF), Bermuda implements global standards set by the Financial Action Task Force (FATF). The International Monetary Fund (IMF) also plays a key role, focusing on assessments, technical assistance, and policy development to combat these crimes.

Reporting Suspicious Activity

Individuals can report suspicious activity or request training from the FIA by contacting Director of the FIA at 30A Church Street, Hamilton HM11.