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Bermuda Anti-Money Laundering and Anti-Terrorist Financing Regulations

The Bermuda Anti-Money Laundering and Anti-Terrorist Financing Regulations outline the requirements for financial institutions and independent professionals to prevent money laundering. This article provides an overview of the key points, including primary offences, predicate offences, penalties, and reporting requirements.

Primary Offences

Key Points

  • Concealing or Transferring Proceeds: Concealing or transferring the proceeds of criminal conduct is a primary offence.
  • Assisting Another to Retain Proceeds: Assisting another person to retain the proceeds of criminal conduct is also a primary offence.
  • Acquisition, Possession, or Use of Proceeds: Acquiring, possessing, or using the proceeds of criminal conduct is a third primary offence.
  • Failure to Disclose Knowledge or Suspicion: Failing to disclose knowledge or suspicion of money laundering is the fourth primary offence.
  • Tipping Off: Tipping off another person about an investigation into suspected money laundering is the fifth primary offence.

Predicate Offences

Key Points

  • A money laundering offence is committed if the funds in question represent proceeds of criminal conduct.
  • “Criminal Conduct” includes drug trafficking and any relevant offences, which are defined as indictable offences other than drug trafficking offences.

Penalties and Reporting Requirements

Key Points

  • Penalties can range up to 20 years imprisonment or an unlimited fine or both.
  • For further information regarding penalties and reporting requirements for anti-money laundering and anti-terrorist financing offences, see the Compendium referred to under Statutes below.

Statutes

Key Points

  • The AML and CTF regime is supported by exchanges of information with other countries (which is outside the scope of this note) and includes corporate fraud, insider dealing, market abuse, sanctions and other offences, a number of which may constitute predicate offences to money laundering.

Important Note

This high-level overview is not comprehensive and should not be regarded as legal advice. Specific legal advice should be sought in every case.