AML-ATF Ministerial Advisory 1/2025: Money Laundering and Terrorist Financing controls in higher risk jurisdictions

The Attorney General and Minister of Justice, Senator the Honourable Kim Wilkerson, JP today issued AML-ATF Advisory 1/2025 about the risks in a number of jurisdictions arising from inadequate systems and controls to combat money laundering and terrorist financing.

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.

• 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; and
• 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 which represents a higher risk of money laundering, corruption, terrorist financing or being subject to international sanctions.

As the international anti-money laundering and countering the financing of terrorism (AML/CFT) standard-setter, FATF regularly publishes statements that identify high-risk countries based on assessments of their AML/CFT regimes.