Bermuda

New Documents

The Government of Bermuda released a report summarizing the outcome of the jurisdiction’s 2020 terrorist financing national risk assessment.

Bermuda’s Minister of Legal Affairs and Constitutional Reform announced an advisory covering the anti-money laundering and counterterrorist financing risks arising from a number of jurisdictions, as highlighted in the most recent public statements by the Financial Action Task Force.

News

Enforcement Actions

The Bermuda Monetary Authority issued civil penalties totaling $500,000 against the Hamilton, Bermuda-based company for its failure to adequately comply with anti-money laundering and counterterrorist financing requirements.


Important Facts

  • The U.S. State Department identifies Bermuda as a monitored jurisdiction. However, the British Overseas Territory is a major offshore financial center. Bermuda is not considered a major drug transit country. To the extent money laundering occurs, it is believed to be principally related to the domestic drug trade. Money laundering proceeds are mainly controlled by domestic gangs, which have proliferated in recent years. There is no significant black market for smuggled goods in Bermuda, and there is no known money laundering or terrorist financing activity through free trade zones or value transfer services. However, there have been cases where domestic criminals have utilized the formal financial sector for money laundering purposes. Bermuda does not permit offshore banks, shell companies, nor does it permit bearer shares. Sports betting is legal, but online betting and casinos are not permitted.
  • KYC Covered Entities: Banks, trustees, securities brokers and financial management firms, long-term insurance companies, money service businesses, insurance managers and brokers, fund administrators, investment fund operators, and independent legal advisers and accountants
  • STR Covered Entities:  All persons in the course of their trade, profession, business, or employment
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: No
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 13 (Jan. 1. – Nov. 17, 2015); Convictions: 7 (Jan. 1 – Nov. 17, 2015)
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 28 High : 1
Largely Compliant : 11 Substantial : 6
Partially Compliant : 1 Moderate : 3
Non-Compliant : 0 Low : 1

BASEL i

Rank : 83/141
Score : 4.91/10

TRANSPARENCY INTERNATIONAL i

Rank : N/A
Score : N/A

Tax Justice Network i

Rank : 40/133
Score : 73/100