Lowtax Network

Back To Top

Your Lowtax Account

Bermuda Gears Up For FATF Assessment

by Mike Godfrey, Lowtax.net, Washington
31 July, 2017

Bermuda's forthcoming assessment by the Financial Action Task Force (FATF), the global anti-money laundering and countering the financing of terrorism (AML/CTF) standard setter, is a national priority according to the island's new Premier, David Burt.

Burt said the FATF evaluation will involve Bermuda being measured against relevant AML/CTF international standards, and will involve more than a dozen of the island's government agencies and a number of entities in the private sector.

He said passing the spring 2018 examination is a necessity, commenting: "Our economic stability and the future of our international business platform could be dependent upon it."

To prepare for the FATF assessment, Burt said a Cabinet Committee has been commissioned to provide leadership and oversight to Bermuda's efforts. Meetings will also be held with the private sector and the National Anti-Money Laundering Committee, which advises the Government on AML/CTF.

He also said parliament will be recalled in early September so that legislation can be passed to fill gaps in the island's current AML/CTF regime.


See all of today's news


 

News Archive

Event Listings

Listings for the leading worldwide conferences and events in accounting, investment, banking and finance, transfer pricing, corporate taxation and more...
See Event Listings »