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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DETAILED ASSESSMENT REPORT
2 Legal System and Related Institutional Measures
3 PREVENTIVE MEASURES FINANCIAL INSTITUTIONS
4 PREVENTIVE MEASURES DESIGNATED NONFINANCIAL BUSINESSES AND PROFESSIONS
5 LEGAL PERSONS AND ARRANGEMENTS NONPROFIT ORGANISATIONS
6 NATIONAL AND INTERNATIONAL COOPERATION
7 OTHER ISSUES
amendments AML Regulations applicant for business apply ATFA beneﬁciaries Bermuda Monetary Authority Bermuda Police Service Bermudian BMA Act BMA’s business relationship cash CJICBA clients collective investment schemes Companies Act conduct controls criminal customer identiﬁcation deﬁned deﬁnition disclosure DNFBPs Egmont Group established extradition FATF Recommendations ﬁle ﬁnancial ﬁnancing ﬁrms forfeiture Guidance Notes ICAB implementation intemational investigations Investment Business investment services issues law enforcement Legal Framework legislation measures mission ML/FT money laundering Money Service Business monitoring mutual funds mutual legal assistance obligations offense ofﬁce one-off transactions onsite overseas person POCA police ofﬁcer powers procedures Proceeds of Crime purposes Rating Summary Recommendations and Comments recordkeeping regime regulated institutions regulatory laws relating relevant reporting requests Require FIs requirements for FIs respect risk sanctions SARs Section sector settlors signiﬁcant speciﬁc sufﬁcient Summary of factors supervision supervisory terrorism terrorist financing trust service providers veriﬁcation wire transfers