AG issues AML/ATF advisory
The Attorney-General has issued an advisory about risks in North Korea, Myanmar and Iran arising from inadequate systems and controls to combat money laundering and terrorist financing.
Kim Wilkerson, who is also the Minister of Justice, issued the Anti-Money-Laundering and Anti-Terrorist Financing Advisory 3/2025 today.
A government spokesman said: “The Proceeds of Crime (Anti-Money-Laundering and Anti-Terrorist-Financing) Regulations 2008 (POCA Regulations) require the Bermuda regulated sector and relevant persons to apply enhanced customer due diligence to high-risk countries.
“As the international anti-money-laundering and countering the financing of terrorism (AML/CFT) standard-setter, the Financial Action Task Force regularly publishes statements that identify high-risk countries based on assessments of their AML/CFT regimes.
“In accordance with Regulation 11 (1)(aa), the Minister of Justice would like to draw the regulated sector’s and relevant persons’ attention to the latest FATF publication on high-risk jurisdictions.”
• Regulation 11 (1)(aa) of the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008, requires that a relevant person must apply on a risk-sensitive basis enhanced customer due diligence measures to business relationships with customers in instances where a person or a transaction is from or in a country that has been identified as having a higher risk by the Financial Action Task Force or the Caribbean Financial Action Task Force
• Regulation 11 (1)(ab) requires a relevant person to apply, on a risk-sensitive basis, enhanced customer due diligence in instances where a person or transaction is from or in a country that represents a higher risk of money laundering, corruption, terrorist financing or being subject to international sanctions
• For more on the AML/CFT advisory, see Related Media
You must be Registered or to post comment or to vote.
