Bermuda Moves to Strengthen Anti-Money Laundering and Anti-Terrorist Financing Laws
The Government of Bermuda has launched a consultation paper outlining proposed changes to its anti-money laundering (AML) and anti-terrorist financing (ATF) legislative framework. This move aims to bring the island’s laws in line with international best practices and stay ahead of global standards.
Background
The National Anti-Money Laundering Committee (NAMLC) has advised relevant ministers on the need for strengthened measures to detect and prevent money laundering, terrorist financing, and the financing of proliferation in Bermuda. The proposed amendments aim to address the risks posed by these activities and provide a robust framework for combating them.
2020 Money Laundering and Terrorist Financing Risk Assessments Report
A report has been published on the 2020 Money Laundering and Terrorist Financing Risk Assessments, highlighting the risks posed by money laundering and terrorist financing activities in Bermuda. The report provides recommendations for mitigating these threats and informs the proposed legislative changes.
What is Money Laundering?
Money laundering is the process of concealing the source of illegally obtained funds through a series of financial transactions. This criminal activity is prohibited in Bermuda under various laws, including the Proceeds of Crime Act 1997.
What is Terrorist Financing?
Terrorist financing refers to providing support to individuals or organizations engaged in terrorism. This activity is also criminalized in Bermuda under various laws, including the Anti-Terrorism (Financial and other Measures) Act 2004.
Key Players
The Financial Intelligence Agency (FIA) is responsible for receiving reports of suspicious activity related to money laundering and terrorist financing. The agency offers training to help individuals identify and report such activities.
International Cooperation
Bermuda is a member of several international organizations, including the Financial Action Task Force (FATF), the Caribbean Financial Action Task Force (CFATF), and the International Monetary Fund (IMF). These organizations play a crucial role in combating money laundering and terrorist financing globally.
Call to Action
The public is invited to provide feedback on the proposed legislative changes by November 30, 2021. For more information or to request training, contact the FIA at info@fia.bm or (441) 292-3422.
Key Takeaways
- Proposed amendments aim to strengthen Bermuda’s AML and ATF legislative framework
- Report on 2020 Money Laundering and Terrorist Financing Risk Assessments highlights risks posed by these activities
- Public feedback invited on proposed changes by November 30, 2021
- Contact the FIA for more information or training requests