Bermuda Country Summary
Sanctions
No
FATF AML Deficient List
No
Terrorism
Corruption
US State ML Assessment
Criminal Markets (GI Index)
EU Tax Blacklist
Offshore Finance Center
Please note that although the below Summary will give a general outline of the AML risks associated with the jurisdiction, if you are a Regulated entity then you may need to demonstrate that your Jurisdictional AML risk assessment has included a full assessment of the risk elements that have been identified as underpinning overall Country AML risk. To satisfy these requirements, we would recommend that you use our Subscription area.
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Anti Money Laundering
FATF Status
Bermuda is not on the FATF List of Countries that have been identified as having strategic AML deficiencies
Compliance with FATF Recommendations
The last Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Bermuda was undertaken in January 2020. According to that Evaluation, Bermuda was deemed Compliant for 28 and Largely Compliant for 11 of the FATF 40 Recommendations. It was deemed Highly Effective for 1 and Substantially Effective for 6 of the Effectiveness & Technical Compliance ratings.
Sanctions
There are no international sanctions currently in force against this country
Bribery & Corruption
Rating | 0 (bad) - 100 (good) |
---|---|
Transparency International Corruption Index | NA |
World Bank: Control of Corruption Percentile Rank | 89 |
Bermuda has established a robust legal framework to combat corruption, including the Good Governance Act 2012, which imposes significant penalties for financial misconduct by public officials and enhances the transparency of government contracts. The Bermuda Criminal Code and the Proceeds of Crime Act further address corrupt practices in investments, such as market manipulation and insider trading. To align with international standards and mitigate the negative perceptions associated with offshore banking, Bermuda continually updates its regulatory measures.
Economy
Bermuda is a self-governing British Overseas Territory with a significant offshore financial sector, primarily driven by international business and tourism. The island's economy recorded a GDP of $6.5 billion in 2019, with growth attributed to construction, health services, and real estate, although there were declines in financial services and retail sectors. The economy benefits from a stable government, low taxes, and a skilled workforce, making it an attractive destination for foreign investment.
Bermuda's investment climate is characterized by a stable, democratic government and a low tax regime, making it an attractive destination for investors. The island boasts a skilled workforce and is well-connected to the United States, with its currency pegged to the U.S. dollar. Additionally, Bermuda's legal framework, based on UK common law, ensures high standards of transparency and ethical conduct, fostering a favorable environment for foreign direct investment.
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- Risk Analysis
- Corruption
- Economy
- Sanctions
- Narcotics
- Executive Summaries
- Investment Climates
- FATF Status
- Compliance
- Key Findings