Bermuda’s Attorney-General and Minister of Justice issued AML-ATF Ministerial Advisory 1/2026 highlighting money laundering and terrorist financing risks linked to a number of jurisdictions with inadequate AML-ATF systems and controls, and reiterating the need for enhanced due diligence when dealing with higher-risk countries. The advisory points to the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008, which require the Bermuda regulated sector and other relevant persons to apply enhanced customer due diligence on a risk-sensitive basis. Regulation 11(1)(aa) applies where a person or transaction is from or in a country identified as higher risk by the Financial Action Task Force or the Caribbean Financial Action Task Force, while Regulation 11(1)(ab) applies where a person or transaction is from or in a country posing a higher risk of money laundering, corruption or terrorist financing, or that is subject to international sanctions.
Ministry of Finance (Bermuda)2026-02-24
Bermuda Attorney-General and Minister of Justice issues AML-ATF advisory on enhanced due diligence for higher-risk jurisdictions
Bermuda's Attorney-General issued AML-ATF Ministerial Advisory 1/2026, highlighting money laundering and terrorist financing risks in jurisdictions lacking adequate systems. It emphasizes enhanced due diligence under the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008, especially for transactions involving countries identified as higher risk by the Financial Action Task Force or the Caribbean Financial Action Task Force.