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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Contents

DETAILED ASSESSMENT REPORT
13
2 Legal System and Related Institutional Measures
31
3 PREVENTIVE MEASURES FINANCIAL INSTITUTIONS
64
4 PREVENTIVE MEASURES DESIGNATED NONFINANCIAL BUSINESSES AND PROFESSIONS
130
5 LEGAL PERSONS AND ARRANGEMENTS NONPROFIT ORGANISATIONS
140
6 NATIONAL AND INTERNATIONAL COOPERATION
145
7 OTHER ISSUES
158
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