Bermuda scores high on anti-money laundering review

Pedro Gonçalves
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Bermuda scores high on anti-money laundering review

The Caribbean Financial Action Task Force (CFATF) has issued a positive evaluation of Bermuda's regulatory regime when it comes to combatting money laundering and the financing of terrorism and proliferation.

The mutual evaluation report (MER) of Bermuda's systems and framework, published  by the CFATF, highlights the work that the jurisdiction has done to comply with the FATF 40 Recommendations, used by 180 governments to protect the integrity of the international financial system.

Curtis Dickinson, Bermuda's  finance minister, said: "Bermuda is only the second jurisdiction thus far to be assessed as having a high level of effectiveness in relation to its risk assessment and domestic coordination mechanisms."

The results of this report confirm that Bermuda knows what it is doing and does it well"

He added: "The results of this report confirm that Bermuda knows what it is doing and does it well."

The assessment places Bermuda "high" in the category of anti-laundering and terrorist financing risk. The island scored "substantial" in six other categories.

The report also found that there has been a marked improvement in the measures taken by banks, money services businesses and regulated professional firms to combat money laundering. Although not all financial institutions (FIs) and non-financial professionals have reached the highest standard, ‘Bermuda continues to do significant work to bring about a high level of compliance across all sectors,' it said.

The jurisdiction is particularly strong in its recording of beneficial ownership information, CFATF said. 

Roland Andy Burrows, CEO of the Bermuda Business Development Agency, commented: "[This] announcement is a significant accomplishment and serves to highlight the exceptional quality of Bermuda's offering when it comes to doing global business.

"Our blue-chip reputation is something that has been achieved through the hard work and dedication of the Bermuda government, the regulator and industry working together."

The review also found that investigation of money laundering offences is actively pursued in Bermuda, and there have been prosecutions for these offences.

 

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