Bermuda: Detailed Assessment Report on Anti-Money Laundering and Combating the Financing of Terrorism

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International Monetary Fund, Mar 19, 2008 - Business & Economics - 189 pages
In the case of Bermuda, application of risk-based approaches seems particularly relevant not only to the insurance sector, but also to other types of financial and nonfinancial activities. The legal framework for investigation and prosecution of money laundering (ML) is well developed, and law enforcement and prosecutorial staff are highly motivated and professional. Bermuda’s Financial Investigation Unit (FIU) should be more adequately funded, staffed, and provided with additional technical resources, including, for instance, expertise in forensic accounting. A key strength of Bermuda’s supervisory regime is the integrated nature of financial sector supervision.

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Detailed Assessment Report on AntiMoney Laundering and Combating the Financing of Terrorism

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