Bermuda: Detailed Assessment Report on Anti-Money Laundering and Combating the Financing of Terrorism

March 19, 2008

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Format: Chicago

Bermuda: Detailed Assessment Report on Anti-Money Laundering and Combating the Financing of Terrorism, (USA: International Monetary Fund, 2008) accessed November 21, 2024

Summary

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.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Crime, Legal support in revenue administration, Money laundering, Revenue administration, Terrorism, Terrorism financing

Keywords: AML Regulations, Anti-money laundering and combating the financing of terrorism (AML/CFT), Caribbean, CFT supervision, CR, Credit union, Due diligence, ISCR, Legal support in revenue administration, Line of business, Money laundering, Mutual fund, North America, Terrorism, Terrorism financing, White collar crime

Publication Details

Pages:

189
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2008/105
Stock No:

1BMUEA2008001
ISBN:

9781451805611
ISSN:

1934-7685

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