A Bermudian delegation was in London this month for a series of high-level meetings aimed at strengthening Bermuda’s financial crime compliance and information-sharing with the United Kingdom.
The group included representatives from the Ministry of Justice’s Financial Sanctions Implementation Unit (FSIU), the Financial Intelligence Agency (FIA), the Bermuda Police Service (BPS) and the Customs Department.
The visit, which ran from 6 to 10 October, included meetings with the Office of Financial Sanctions Implementation (OFSI) at HM Treasury, the Office of Trade Sanctions Implementation (OTSI) and the National Crime Agency (NCA), including its UK Financial Intelligence Unit (UKFIU) and Combatting Kleptocracy Cell. This visit is part of Bermuda’s ongoing preparations for the upcoming 5th Round of the mutual evaluation of the Caribbean Financial Action Task Force (CFATF).
The FSIU, which falls under the Ministry of Justice, plays a key role in implementing financial sanctions in Bermuda and ensuring alignment with global regimes. The FIA, an independent agency, is responsible for receiving, analysing and disseminating financial intelligence to combat money laundering, terrorist financing and other financial crimes. Both agencies are integral members of the National Anti-Money Laundering Committee (NAMLC), which coordinates Bermuda’s anti-money laundering and counter-terrorist financing framework.
Strengthening FSIU and FIA capacity was highlighted in this year’s Budget and last week’s meetings represent tangible progress on those commitments. These engagements are intended to deepen operational partnerships and safeguard Bermuda’s financial integrity in line with international standards.
The Attorney-General and Minister of Justice, Senator the Hon. Kim Wilkerson, JP, said the visit reinforces Bermuda’s long-standing commitment to maintaining its reputation as a trusted and well-regulated financial jurisdiction.
Senator Wilkerson stated: “Bermuda has a well-earned reputation for upholding the highest international financial transparency and compliance standards. This visit demonstrates that we are not just making commitments, we are taking concrete steps to deliver on them. Strengthening the FSIU and supporting the work of the FIA are key components of ensuring Bermuda remains a trusted partner globally.
“The upcoming 5th Round CFATF evaluation is a critical milestone. Bermuda is reinforcing its capacity to detect, disrupt and respond to illicit financial activity while protecting the integrity of our jurisdiction in close cooperation with UK authorities such as OFSI, OTSI and the NCA. This effort aligns squarely with promises made in the Budget to invest in our financial oversight framework. It also supports the broader goal of sustaining Bermuda’s position as a reputable international financial centre.”
Senator Wilkerson also noted the importance of collaboration among Bermuda’s agencies to ensure a unified national response to emerging global financial crime threats.