Good afternoon members of the media and Bermuda.
These are fast-moving times, and this Government is committed to ensuring Bermuda keeps up. We have hit the ground running and intend to maintain that momentum.
I have promised regular updates on the Government’s plans as we progress our agenda for a better and fairer Bermuda and this is why I stand before you today.
In order to provide jobs for Bermudians and ensure that all of Bermuda prospers, not just one segment, we must focus on the economy.
To that end, I am announcing that the Government will be making it a national priority to prepare Bermuda for an upcoming assessment that is of critical importance to our country’s economic future.
Starting in the spring of 2018, Bermuda will be subject to an evaluation. This evaluation will involve us being measured against the relevant international standards, to determine the adequacy and effectiveness of our laws, systems, and institutional framework for combatting money laundering and terrorist financing. As you can tell, this is a highly important evaluation to ensure Bermuda maintains an international reputation for being highly-regulated.
This comprehensive assessment will involve more than a dozen government agencies and a number of entities in the private sector. It will be carried out by a team of assessors under the oversight of the Caribbean Financial Action Task Force and will be subject to review and ultimate approval by the global network of the relevant international standard setting body, the Financial Action Task Force (FATF).
I cannot emphasise too strongly to everyone on our island the necessity for Bermuda to pass this international examination. Our economic stability and the future of our international business platform could be dependent upon it. Our recognition and understanding of the impact of this initiative has resulted in us taking quick and decisive action. We have already carried out an evaluation of our current state of preparedness for this critical review and we have determined a path forward to refine our efforts to ensure success.
As a result, we are now taking active and aggressive steps to address the ongoing challenge. In the first instance, I have commissioned a Cabinet Committee to provide leadership and oversight to Bermuda’s efforts. As Premier and Minister of Finance, I will chair this special Committee, which will include the Attorney General & Minister of Legal Affairs Senator the Hon. Kathy Lightbourne-Simmons JP, the Minister of Home Affairs the Hon. Walton Brown JP MP, the Minister of Economic Development & Tourism the Hon. Jamahl Simmons JP MP and the Minister of National Security the Hon. Wayne Caines JP MP. To highlight our commitment in this area, we have already scheduled the first meeting of the committee and will continue to meet on a regular basis to assess progress and ensure that timely and effective action continues to be taken.
While we must take leadership on this important initiative, we cannot do this alone. We have already committed to working with all Government agencies and private sector partners.
The National Anti-Money Laundering Committee (NAMLC) advises the Government on all matters relating to Anti-Money Laundering / Anti-Terrorist Financing (AML/ATF). The many agencies that form part of this committee have already demonstrated a high level of commitment in their work in this area, but they need the committed leadership and the direct involvement of Cabinet.
I will be meeting with the members of NAMLC following this press conference to assure them of my personal commitment and that of my Cabinet colleagues and to obtain first hand an even greater understanding of any challenges that they may be facing. We are also meeting with key entities in the private sector to further strengthen the partnership and reinforce the importance of the role that they will need to play.
Although Bermuda already has a comprehensive legislative framework that has been developed and updated over many years, the complexity of the standards against which we are being evaluated mean that there are still some outstanding legislative initiatives that much be progressed.
This is one of the very significant reasons we will be recalling Parliament in early September - to address these and other important matters. In the meantime, work will continue on the effective implementation and evaluation of our current framework.
However, it is important to understand that these matters can have a positive impact not just on our economy but also on the social fabric of our society. It is also an initiative in which all of us can play a role. We can support the compliance initiatives of Bermudian businesses, as they that they know their customers and protect Bermuda’s financial system from criminal abuse. As we carry out our business activities, we can build our knowledge and understanding of these matters so that we can recognise and report suspicions of money laundering or terrorist financing activities to the Financial Intelligence Agency. This is crucial so that appropriate analysis and action can be taken.
As we have highlighted today, having a strong and effective framework to combat money laundering and terrorist financing is important to our island home. It can feel distant and remote to many of our citizens, but the prosperity of Bermuda depends on it, and when Bermuda succeeds and works together, we all have a chance to succeed.
Our regime is already robust and effective, but the international community must have measures by which to acknowledge and recognize this. This is what this assessment is all about. There is much to be done but this Government will do all that we can to ensure that Bermuda achieves the required level of success. For indeed we recognize that failure in this area is not an option if we are to remain the jurisdiction of choice.