The CFATF (Caribbean Financial Action Task Force) has issued its mutual evaluation report on the level of technical and effectiveness of compliance of Bermuda’s AML/CFT measures based on its 2018 assessment.
The MER (Mutual Evaluation Report) highlights the 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. The country ranks first against the Technical compliance requirements, with 39 of the 40 Recommendations.
In an interview, the Minister of Finance, Curtis Dickinson, told that Bermuda is now one of the global leaders when it comes to fighting against money laundering, the finance of terrorism and proliferation. The government highlighted its commitment to a high level of compliance with appropriate global standards on various occasions, and ensured regime is robust and effective, he further mentioned.
The report also highlights that banks, money services businesses and regulated professional firms showed major improvements in terms of measures taken to combat laundering. However, in order to continue the significant progress, all sectors would require to follow the high level of compliance strategy.
Source – International Investment