The Government has published the first report assessing Bermuda’s proliferation risk — the danger of funds, services, or trade being used to support the acquisition or development of weapons of mass destruction.

The report was prepared by the National Anti-Money Laundering Committee. It assesses Bermuda’s proliferation financing risks and sets out the jurisdiction’s anti-money laundering, antiterrorist financing and counter-proliferation financing framework.

The report follows a series of risk assessments undertaken since 2013, when the jurisdiction completed its first comprehensive assessment of money laundering risks.

David Burt, the Premier and Minister of Finance, said: “While no proliferation financing activity has been identified within the jurisdiction, the assessment recognises that as an international financial centre, Bermuda must remain vigilant to indirect risks arising from global financial flows.

“By strengthening our understanding of these risks, we are ensuring that our regulatory and supervisory frameworks remain sound, proportionate, and aligned with international standards to protect our economy over the long term.”

The report evaluates specific threats posed by sanctioned jurisdictions, identifies vulnerabilities linked to cross-border financial activity, complex corporate structures, and emerging technologies such as digital assets, where global typologies show increased risk.

The assessment also considers the potential consequences of proliferation financing, including reputational damage to Bermuda, exposure to international sanctions and disruption to trade.

It underscores the importance of maintaining vigilance given Bermuda’s role as an international financial centre and its exposure to global financial networks.

Senator Kim Wilkerson, the Attorney-General and Minister of Justice, added: “From a legal and regulatory perspective, this assessment reinforces Bermuda’s strong compliance culture and our commitment to upholding international obligations.”

She encouraged organisations to review the report and incorporate its insights into their compliance frameworks.

• See the report under Related Media

Download PDF File

Proliferation Financing Risk Assessment