Bermuda: Detailed Assessment Report on Anti-Money Laundering and Combating the Financing of Terrorism
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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accountants amendments AML Regulations AML/CFT applicant for business apply assessment assets ATFA Bermuda Monetary Authority Bermuda Police Service BMA Act BMA’s business relationship cash CJICBA client collective investment schemes Compliance with Recommendations confiscation orders controls court customer identification Description and Analysis disclosure DNFBPs drug trafficking Egmont Group ensure established extradition FATF Recommendations financial investigators financial regulatory laws forfeiture Guidance Notes ICAB implement inspections investment services law enforcement lawyers Legal Framework legal persons legislation minimum licensing criteria mission ML and FT ML/FT risk money laundering Money Service Business monitoring mutual funds mutual legal assistance NAMLC offense one-off transactions onsite overseas POC Regulations 1998 POCA powers procedures Proceeds of Crime purposes Recommendations and Comments regime regulated institutions relating relevant reporting requests require FIs respect sanctions SARs Schedule Section settlors specific staff supervision supervisory terrorist financing third parties verification wire transfers