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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.

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