The Bermuda Monetary Authority will lead an outreach session on proliferation financing in an online meeting on Thursday afternoon.

Proliferation financing is the act of providing funds or financial services to support the manufacture, acquisition, development, or transfer of nuclear, chemical, or biological weapons and their delivery systems.

The BMA said that representatives of regulated financial institutions and other relevant stakeholders are invited to attend the session, designed to increase awareness of PF risks, typologies, red flags, reporting requirements and the practical steps firms should take to strengthen their compliance frameworks.

A BMA statement advised: “Come prepared to think about how to operationalise PF in your own anti-money laundering/ antiterrorist financing/ counter-proliferation financing framework.

“The value is in the discussion and the session is meant to be interactive. The aim is practical: operationalising the results of the PF risk assessment and ensuring compliance with the PF guidance.”

The Financial Action Task Force states: “The proliferation of weapons of mass destruction pose a significant threat to international peace and security, as identified by relevant United Nations Security Council Resolutions.

“FATF recommendations require countries and the private sector to identify, and assess the risks of potential breaches, non-implementation or evasion of the targeted financial sanctions related to proliferation financing, and take appropriate mitigating measures commensurate with the level of risks identified.

“This will ensure that private sector entities and their supervisors are aware of the risks involved in their businesses and professions, and do not unwittingly support or become part of proliferation financing networks or schemes, in contravention of the relevant obligations.

“This will also ensure appropriate allocation of resources by countries and private sector entities, which is commensurate with the level of proliferation financing risks faced.”

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