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What is Money Laundering?  

Money laundering is the process by which illegitimate or criminally derived money is made to appear legitimate. This result is achieved by a series of financial transactions designed to conceal the identity, source and/or destination of the criminally derived money. This process uses legal channels to funnel illegal funds in order to conceal their criminal origins.

Money laundering generally involves three independent but sometimes simultaneous steps:

1 Placement: The physical placement or insertion of illegal money into the legitimate financial system

2 Layering: Separating the proceeds of criminal activity from their true origins by putting them through several layers of complex financial transactions.

3 Integration: This is the final stage where the criminal proceeds re-enter the legitimate economy clothed with what appears to be a legitimate source.

The activities carried out at all stages of this process are criminalized under Bermuda laws by virtue of sections 43 – 45 of the Proceeds of Crime Act 1997 and section 8 of the Anti-Terrorism (Financial and other Measures) Act 2004. Sections 32, 33 and 230 of the Criminal Code also criminalise any attempt, conspiracy or incitement to commit any such offence.


Reporting Suspicious Transactions  

Reporting Suspicious Transactions
Persons having any reason to suspect the commission of an offence under sections 43 to 45 of the Proceeds of Crime Act 1997 or under sections 5 to 8 of the Anti-Terrorism (Financial and other Measures) Act 2004, should report their suspicions to the Financial Intelligence Agency (FIA).  The FIA only accepts suspicious activity reports (SARs) submitted electronically via goAML (using the online submission form or XML transmission).

Training
The FIA is committed to provide one-on-one training to the various Reporting Entities in Bermuda in respect to the identification of suspicious activity and the filing of SARs. Please contact the FIA at:
analyst@fia.bm to schedule training.

General contact details for the FIA:

The Director of the FIA
Strata 'G' Building
30A Church Street
6th Floor
Hamilton HM11
Bermuda

Telephone: 441-292-3422
Fax: 441-296-3422
Email:
info@fia.bm
Website:
www.fia.bm

Contact Info  

Office of the National Anti-Money Laundering Committee
Ministry of Legal Affairs 
4th Floor
Global House
43 Church Street
Hamilton, HM12
Bermuda

Chairman: Mrs. Cheryl-Ann Lister
Tel: 441 294-9797
E-mail: info-namlc@gov.bm

If you would like to receive email notification of NAMLC related matters, including in relation to international sanctions, please send an email to info-namlc@gov.bm

Helpful Links  
dept - namlc - Links
Bermuda Laws Online
Bermuda Laws and Information

Bermuda Monetary Authority (BMA)
Financial Services Regulator

Caribbean Financial Action Task Force (CFATF)
Regional FATF style body

Financial Intelligence Agency (FIA)
Repository agency for suspicious transaction reports

Financial Action Task Force (FATF)
International AML/CFT standards body