Minister of Legal Affairs and Constitutional Reform, Hon. Kathy Lynn Simmons, JP, MP today issued AML-ATF Advisory 2/2021 about the risks in a number of jurisdictions arising from inadequate systems and controls to combat money laundering and terrorist financing.
The Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008 (POCA Regulations) require the Bermuda regulated sector and relevant persons to apply enhanced customer due diligence to high-risk countries.