Advertisment

Bermuda's Attorney-General Issues Advisory on Money Laundering, Terrorism Financing Risks

Bermuda's Attorney-General issues an advisory to combat money laundering and terrorist financing risks, following FATF's guidelines.

author-image
BNN Correspondents
Updated On
New Update
Bermuda's Attorney-General Issues Advisory on Money Laundering, Terrorism Financing Risks

Bermuda's Attorney-General Issues Advisory on Money Laundering, Terrorism Financing Risks

Kathy Lynn Simmons, the Attorney-General and Minister of Legal Affairs and Constitutional Reform, has issued an advisory about the risks in a number of jurisdictions arising from inadequate systems and controls to combat money laundering and terrorist financing. This move comes after the Financial Action Task Force's (FATF) recent statements highlighting strategic deficiencies in certain countries' anti-money laundering (AML) and combating the financing of terrorism (CFT) regimes.

Advertisment

Identifying High-Risk Jurisdictions

In February, the FATF, an inter-governmental body established by the Group of Seven (G7) in 1989, published two statements. These statements identified jurisdictions with strategic deficiencies in their AML and CFT regimes, urging vigilance against potential risks to the international financial system. The list includes high-risk countries like North Korea, Iran, and Burma, advising the regulated sector and relevant persons to consider these as high risks and apply countermeasures and enhanced due-diligence measures accordingly.

Advisory Details and Compliance

For 21 other jurisdictions, including Bulgaria, Burkina Faso, Cameroon, and others, the advisory recommends taking appropriate actions to minimize the associated risks, which may include enhanced due-diligence measures in high-risk situations. The Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008 necessitate that the Bermuda regulated sector and relevant persons apply enhanced customer due diligence to high-risk countries. This involves a risk-sensitive basis for enhanced customer due-diligence measures in business relationships and transactions involving high-risk countries or situations of money laundering, corruption, terrorist financing, or international sanctions.

Scope of the Advisory</h

Advertisment
Advertisment