As published on business.financialpost.com, Friday January 17, 2020.
HAMILTON, Bermuda — Bermuda’s regulatory regime has been assessed by the Caribbean Financial Action Task Force (CFATF), and the global inter-governmental Financial Action Task Force (FATF), and confirmed for having some of the highest international standards when it comes to combatting money laundering and the financing of terrorism and proliferation.
The mutual evaluation report (MER) of Bermuda’s systems and framework, published today by the CFATF, highlights the outstanding work that has been done to comply with the FATF 40 Recommendations, used by 180 governments to protect the integrity of the international financial system. Of the more than 75 MERs published to date, Bermuda ranks first against the Technical compliance requirements, with 39 of the 40 Recommendations rated as Compliant or Largely Compliant, is in the top six for overall level of effectiveness and one of only two jurisdictions with a high level of effectiveness in relation to its risk assessment and domestic coordination mechanisms.
Speaking at a press conference today, Bermuda’s Minister of Finance, the Hon. Curtis L. Dickinson, said: “The Bermuda Government has on many occasions highlighted its commitment to a high level of compliance with appropriate global standards. As our results indicate, we have followed through on that commitment and established appropriate legislative and operational frameworks to ensure our regime is robust and effective. The results of this report confirm that Bermuda knows what it is doing and does it well.”
Roland Andy Burrows, CEO of the Bermuda Business Development Agency, commented: “Today’s announcement is a significant accomplishment and serves to highlight the exceptional quality of Bermuda’s offering when it comes to doing global business. Our blue-chip reputation is something that has been achieved through the hard work and dedication of the Bermuda government, the regulator and industry working together. We thank the Premier, the Minister of Finance and the National Anti-Money Laundering Committee (NAMLC) for taking the necessary actions to achieve the highest levels of compliance and effectiveness, setting Bermuda apart on the world stage.”
The FATF mutual evaluation is an intensive process and takes 14 months to complete. Bermuda’s review commenced in March 2018 with its first submission in relation to Technical Compliance. Further submissions were made during the subsequent six months and were followed by an on-site review. The visit lasted for two weeks and included interviews with relevant authorities including the Bermuda Police Service, Customs, the Financial Intelligence Agency, the Attorney General’s Chambers, the Department of Public Prosecutions, the Bermuda Casino and Gaming Commission, the Bermuda Monetary Authority, the Registrar of Companies, the Registrar General, the Barristers and Accountants AML/ATF Board , the Office of the National Anti-Money Laundering Committee and the Ministries of Finance and Legal Affairs.