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What Is Terrorist Financing?  

Terrorist Financing is the direct or indirect support of terrorism or of persons who encourage plan or engage in terrorism, through the provision of financial or other material assistance. Persons engaged in terrorist financing transfer funds that may be of legitimate or criminal origin in such a manner as to conceal their ultimate use, namely the support of terrorism.

Terrorism: Involves the carrying out of acts intending to cause death or serious bodily injury to civilians or to destroy property, with the purpose of intimidating a population, or to compel a government or an international organisation to do or abstain from doing some act.

Terrorist financing may involve funds raised from legitimate sources, such as personal donations and profits from businesses and charitable organizations. It may also involve funds from criminal sources, such as the drug trade, the smuggling of weapons and other goods, fraud, kidnapping and extortion.

Persons involved in terrorist financing use techniques like those of money launderers to evade the attention of the authorities and to protect the identity of their sponsors and of the ultimate beneficiaries of the funds.

The various activities involved in terrorist financing have been criminalised in Bermuda by virtue of sections 5 – 8 of the Anti-Terrorism (Financial and other Measures) Act 2004. Sections 32, 33 and 230 of the Criminal Code also criminalise any attempt, conspiracy or incitement to commit any such offence.

Reporting Suspicious Transactions  

Reporting Suspicious Transactions
Persons having any reason to suspect the commission of an offence under sections 43 to 45 of the Proceeds of Crime Act 1997 or under sections 5 to 8 of the Anti-Terrorism (Financial and other Measures) Act 2004, should report their suspicions to the Financial Intelligence Agency (FIA).  The FIA only accepts suspicious activity reports (SARs) submitted electronically via goAML (using the online submission form or XML transmission).

Training
The FIA is committed to provide one-on-one training to the various Reporting Entities in Bermuda in respect to the identification of suspicious activity and the filing of SARs. Please contact the FIA at:
analyst@fia.bm to schedule training.

General contact details for the FIA:

The Director of the FIA
Strata 'G' Building
30A Church Street
6th Floor
Hamilton HM11
Bermuda

Telephone: 441-292-3422
Fax: 441-296-3422
Email:
info@fia.bm
Website:
www.fia.bm

Contact Info  

Office of the National Anti-Money Laundering Committee
Ministry of Legal Affairs 
4th Floor
Global House
43 Church Street
Hamilton, HM12
Bermuda

Chairman: Mrs. Cheryl-Ann Lister
Tel: 441 294-9797
E-mail: info-namlc@gov.bm

If you would like to receive email notification of NAMLC related matters, including in relation to international sanctions, please send an email to info-namlc@gov.bm