Money Laundering and Terrorist Financing by their very nature crosses many national borders. Accordingly, there is a global apparatus in place for determining the standards to be implemented by countries worldwide to develop more effective transnational systems to combat these crimes.

The Financial Action Task Force (FATF) is the inter-governmental organization which sets the global standards for the anti-money laundering (AML) and countering financing terrorism (CFT) efforts.

The Caribbean Financial Action Task Force (CFATF), of which Bermuda is a member, is the regional organization associated with FATF, whose primary aim is to ensure that all its members effectively implement the international benchmarks to prevent money laundering and the financing of terrorism.

The International Monetary Fund (IMF) plays an important role in efforts to combat money laundering and the financing of terrorism. The IMF is especially concerned about the possible consequences of money laundering and the financing of terrorism on its members' economies and financial systems. These include risks to the soundness and stability of financial institutions and financial systems, increased volatility of international capital flows, and a dampening effect on foreign direct investment. The three main areas of the IMF's work in connection with anti-money laundering and combating the financing of terrorism are Assessments, Technical Assistance and Policy Development.

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