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

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. Bermudaâ€™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 Bermudaâ€™s supervisory regime is the integrated nature of financial sector supervision.

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Year of publication:	2008-03-19
Institutions:	International Monetary Fund (IMF) ; International Monetary Fund
Subject:	Bank supervision \| Combating the financing of terrorism \| terrorism \| terrorist financing \| terrorist \| law enforcement \| money laundering \| customer identification \| international cooperation \| legal assistance \| drug trafficking \| terrorist organizations \| competent authorities \| police service \| trust service providers \| business relationships \| financing of terrorism \| beneficial owners \| due diligence \| enforcement authorities \| insurance business \| law enforcement authorities \| suspicious activity \| shell banks \| precious metals \| life insurance \| internal controls \| criminal liability \| beneficial ownership \| wire transfer \| negotiable instruments \| administrative sanctions \| anti-terrorism \| confiscation of property \| confiscated assets \| international standards \| identification procedures \| charitable organizations \| suspicious activities \| precious stones \| risk customers \| financial crime \| foreign authorities \| suspicious activity reporting \| financial investigators \| financial transactions \| foreign counterparts \| internal audit \| risk management \| terrorist acts \| suspicious transactions \| financial investigation \| legal arrangements \| control information \| civil forfeiture \| extradition requests \| suspicious transaction \| money remittance \| lawful purpose \| foreign branches \| accounting firms \| complete originator information \| predicate offences \| law enforcement agencies \| criminal justice \| financial investigations \| criminal organizations \| licensing requirements \| dual criminality \| supervisory arrangements \| transaction records \| criminal activity \| adequate powers \| supervisory regime \| life insurance business \| transaction reporting \| collective investment schemes \| suspicious transaction reporting \| investigative techniques \| legal entities \| technical resources \| financial intelligence unit \| audit function \| value transfer \| predicate offence \| identification data \| wire transfer requirements \| domestic wire transfers \| reporting requirements \| civil liability \| criminal investigation \| supervisory process \| charitable organization \| terrorist assets \| customer identification requirements \| criminal case \| ensuring compliance \| national centre \| transaction reports \| suspected terrorist \| regulatory requirements \| client money \| payment chain \| customer accounts \| information exchange \| customer identification information \| cash transactions \| domestic law \| reporting obligations \| regulatory authority \| legal assistance requests \| face to face business \| terrorist act \| insurance transactions \| unusual transactions \| currency transactions \| collective investment scheme \| tax matters \| compliance officer \| terrorists \| foreign jurisdiction \| supervisory body \| assessment mission \| insurance intermediaries \| assessment methodology \| international conventions \| criminal money \| restrictive conditions \| confiscation proceedings \| foreign authority \| internal auditing \| criminal offence \| acts of terrorism \| financial abuse \| predicate crimes \| criminal matters \| criminal proceeds \| assessing compliance \| compliance program \| domestic legislation \| foreign regulatory \| financial records \| suspicious activity reports \| illicit funds \| licensing process \| customer files \| financial standards \| securities issues \| anonymous accounts \| suspicious transaction reports \| criminal law \| account opening \| insurance policies \| suspected terrorists \| customer identification procedures \| united nations security \| financial secrecy \| internal procedures \| money launderers \| confidentiality requirements \| good faith \| criminal offense \| compliance function \| mutual evaluation \| legal obligations \| predicate crime \| financial activity \| fictitious names \| international networks \| risk scenarios \| laundered property \| international terrorist \| supervisory responsibilities \| criminal purposes \| criminal offenses \| share information \| professional firms \| suspicious patterns \| secrecy laws \| funds transfers \| counter money laundering \| physical security \| supervisory approach \| legislative measures \| investigating terrorism \| supervisory authority \| financial intermediaries \| criminal laws \| law enforcement agency \| customer identity \| public safety \| customer transactions \| evidence gathering \| foreign operations \| terrorist support \| licensing authority \| confiscating assets \| criminal sanctions \| due regard \| informal money transfer systems \| enforcement powers \| supervisory regimes \| law enforcement databases \| criminal acts \| terrorist organization \| identification obligations \| banking supervisors \| prudential supervision \| banking relationships \| supervisory framework \| financial sector supervision \| offshore jurisdictions \| reporting forms \| cash transaction \| frozen assets \| asset forfeiture fund \| shell bank \| supervisory systems \| reputational risk \| terrorism act \| insurance policy \| customer identification data \| insurance supervisors \| institutional reforms \| activity monitoring \| risk management systems \| law enforcement officers \| investigative powers \| dissuasive sanctions \| extraditable offence \| conducting investigations \| alarm system \| financial regulation \| money orders \| disaster relief

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Extent:	application/pdf
Series:	IMF Staff Country Reports.
Type of publication:	Book / Working Paper
Notes:	The text is part of a series IMF Staff Country Reports Number 08/105 18 pages long
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10011244500