The National Anti-Money Laundering Committee (NAMLC) advises the Minister responsible for justice regarding:
- The detection and prevention of money laundering, terrorist financing and the financing of proliferation in Bermuda,
- The development of policies to combat money laundering, terrorist financing and the financing of proliferation,
- The development of a national plan of action in relation to combating money laundering, terrorist financing and the financing of proliferation, and the participation of Bermuda in the international effort against money laundering, terrorist financing and the financing of proliferation.
Consolidated National Risk Assessment Report
Through the leadership of NAMLC, Bermuda conducted a national risk assessment in 2016, to identify the terrorist financing risks that affect Bermuda. In 2017, NAMLC conducted another national risk assessment to identify Bermuda’s money laundering risks. This was an update on the first money laundering national risk assessment that was done in 2013. A consolidated report on the findings of the 2016 and 2017 risk assessments has been published.
Proposed AML/ATF Legislative Initiatives Consultation Paper November 2018.
The Bermuda Government intends to further strengthen its anti-money laundering/anti-terrorist financing legislative framework by amending relevant legislation in compliance with global standards.
The November 2018 Consultation Paper sets out the proposed changes for the next convening of Parliament.
Your feedback and comments are invited.
Money Laundering and Terrorist Financing
Money laundering is when illegitimate or criminally-derived money is made to appear like it came from a legitimate source. The process usually includes using legal channels to funnel illegal funds in order to conceal its criminal origins. A series of financial transactions are designed to conceal the identity, the source, and/or the destination of the criminally-derived funds.
Terrorist financing defines the support of terrorism or of persons who encourage, plan, or engage in terrorism. That may be done by providing financial assistance to them. Terrorist financing includes transferring funds (whether they are of legitimate or criminal origin) in a way that conceals their ultimate use, which is the support of terrorism.
People involved in terrorist financing use techniques like those of money launderers to evade the attention of the authorities and to protect the identity of their sponsors and the people profiting from the funds.
The activities involved in money laundering are criminalized in Bermuda 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.
The various activities involved in terrorist financing are criminalised in Bermuda by virtue of sections 5 – 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.
What is Proliferation Financing?
This refers to providing any money or financial services towards the material or delivery of nuclear, chemical, or biological weapons. This includes anything to do with manufacture, acquisition, possession, development, export, trans-shipment, brokering, transport, transfer, or stockpiling of these weapons.
What do I do if I see suspicious activity?
If you suspect that someone has committed or attempted to commit either a money laundering or terrorist financing offence, you are obligated to report your suspicion to the Financial Intelligence Agency (FIA).
The FIA is committed to providing one-on-one training to anyone who has a statutory obligation to report, to assist you in the identification of suspicious activity and in the filing of suspicious activity reports.
To report a suspicious activity, or to request and schedule training, please contact the FIA.
The Director of the FIA
Strata 'G' Building
30A Church Street
6th Floor Hamilton HM11
Telephone: (441) 292-3422
Money laundering and terrorist financing cross many national borders. As a result, global initiatives have been developed to assist countries in developing more effective systems to fight these crimes.
The Financial Action Task Force (FATF) is the inter-governmental organization which sets the global standards for the anti-money laundering (AML) and countering financing terrorism (CFT) efforts.
The Caribbean Financial Action Task Force (CFATF), of which Bermuda is a member, is the regional organization associated with FATF. It ensures that its members effectively implement the international benchmarks to prevent money laundering and terrorist financing.
The International Monetary Fund (IMF) plays an important role in combating money laundering and terrorist financing, as it is especially concerned about their impact on the economies and financial systems of its member countries. The three main areas of focus are assessments, technical assistance and policy development.