Bermuda Top-Ranking Jurisdiction, Globally, in Technical Compliance With Standards to Fight Money-Laundering and the Financing of Terrorism and Proliferation

Bermuda Top-Ranking Jurisdiction, Globally, in Technical Compliance With Standards to Fight Money-Laundering and the Financing of Terrorism and Proliferation

PR Newswire

LONDON, Feb. 3, 2020

The Financial Action Task Force ('FATF'), the international standards organisation, awards Bermuda excellent ratings (global ranking #1 for overall compliance with technical requirements and #7 in effectiveness) in the fight against money laundering and the financing of terrorism and proliferation

LONDON, Feb. 3, 2020 The Government of Bermuda is pleased to announce that an independent team of experts has confirmed that Bermuda is one of the global leaders in the fight against money laundering and the financing of terrorism and proliferation.

Minister of Finance, The Hon Curtis Dickinson JP MP, said: "The report on Bermuda published by the FATF, the leading international standards-setting body in this area, has confirmed that Bermuda is one of the global leaders in the fight against money laundering and the financing of terrorism and proliferation. This is an excellent result and a major accomplishment for Bermuda, further enhancing recognition of our leadership in these key areas."

Of the almost 100 mutual evaluation reports against the current standards which to date have been published by the Financial Action Task Force, Bermuda's overall compliance with the Technical compliance requirements is the highest of any jurisdiction, with 39 of the 40 Recommendations rated as Compliant or Largely Compliant (28 of which were rated compliant). Further, in relation to the overall level of effectiveness, Bermuda ranks in the top 7 of jurisdictions whose Mutual Evaluation Reports have now been published. In addition, Bermuda is only the second jurisdiction thus far to be assessed as having a high level of effectiveness in relation to its risk assessment and domestic coordination mechanisms. Further, Bermuda achieved ratings of substantial effectiveness in a number of areas including international cooperation, supervision, preventing the misuse of companies and trusts and addressing matters relating to terrorist financing.

Bermuda's assessment was conducted by a team of experts from the Caribbean Financial Action Task Force and, throughout the process, was subject to review and oversight by persons and entities within the FATF global network. The review commenced in March 2018 with Bermuda's first submission in relation to our Technical Compliance and the globally approved report was published in January 2020.

The full report can be found here: www.fatf-gafi.org

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Honey Adams
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