Madam President:
I rise today to report to this Honourable Senate on my recent participation in the 62nd Plenary and Working Group Meetings of the Caribbean Financial Action Task Force (CFATF), held in Port of Spain, Trinidad and Tobago, from 25 to 29 May 2026. As the Minister responsible under the Proceeds of Crime Act 1997 for Bermuda’s anti-money laundering and counter-terrorist financing regime, I led the delegation and considered it important to remain directly engaged in these discussions.
I was accompanied by the Permanent Secretary for the Ministry of Justice, Mr David Roberts, together with representatives of Bermuda’s key competent authorities, namely, Ministry of Justice, Office of the National Anti-Money Laundering Committee (NAMLC), Attorney General’s Chambers (Advisory and Legislative Drafting Sections), Bermuda Monetary Authority (BMA), Bermuda Police Service, Customs Department, Registry General and the Financial Intelligence Agency.
The meetings brought together regional counterparts and international partners to advance cooperation on anti-money laundering, counter-terrorist financing, financial crime, mutual evaluation standards and the emerging threats affecting CFATF member jurisdictions.
Madam President:
Bermuda’s participation reflects our continued commitment to maintaining a strong, credible and effective anti-money laundering and counter-terrorist financing framework. The international standards continue to evolve and Bermuda must remain alert, prepared and responsive.
The meetings were also an important reminder that CFATF member jurisdictions share common responsibilities in protecting the integrity of the region’s financial systems. In a region as closely connected as the Caribbean, if standards fall in one jurisdiction, the impact can be felt more widely. That is why continued cooperation, peer engagement and consistent adherence to international expectations are so important.
Madam President:
The CFATF is a regional, FATF-style body that assesses compliance with the FATF’s 40 Recommendations, which are the internationally recognised benchmarks for anti-money laundering, counter-terrorist financing and counter-proliferation financing systems. During the week, the delegation participated in sessions of the CFATF Working Group on FATF Issues, the International Cooperation Review Group and the CFATF Risks, Trends and Methods Working Group, which was expertly co-chaired by Mrs Christal Hanna, Director of the Financial Intelligence Agency.
The programme also included discussions on the Fourth Round of Mutual Evaluations and the lessons learned from that process, preparation for the upcoming Fifth Round of Mutual Evaluations, follow-up re-rating reports for several regional jurisdictions, and the evolving global security landscape.
Madam President:
I wish to be clear on one point in particular. Preparation for the Fifth Round Mutual Evaluation is not the responsibility of any single ministry, agency or authority. It is everyone’s business in Bermuda. A successful evaluation depends on Government, regulators, law enforcement, the Financial Intelligence Agency, the private sector and the professions all understanding their role and playing their part.
These technical discussions affect how we protect our financial system, how we meet international expectations, and how we preserve confidence in Bermuda as a respected international financial centre. I would therefore encourage every stakeholder, across both the public and private sectors, to treat readiness for the Fifth Round as a shared and immediate priority.
Madam President:
Bermuda is preparing to clearly articulate its unique risk and context story and the steps taken to maintain the integrity of its financial system. Coordinated preparations are underway with the first submission due in September 2026 with the expectation that Assessors will conduct the on-site assessment in April 2027.
Madam President:
Bermuda has earned a strong reputation in this area, but that reputation must be actively maintained. Our participation in CFATF allows us to learn from peer jurisdictions, to contribute to regional policy discussions and to ensure that Bermuda remains well-positioned as international standards develop.
Our continued engagement with CFATF is an important part of the Island’s wider justice and financial crime policy work, and I am pleased to advise that the priorities identified during the week are already informing our preparations here at home.
Thank you, Madam President.