National Anti-Money Laundering Committee (NAMLC) Consultation Paper
Bermuda has now transitioned from a law enforcement Financial Investigation Unit of the Bermuda Police Service (the ‘FIU’) to an administrative Financial Intelligence Agency (the ‘FIA’).
The FIA was established by the Financial Intelligence Agency Act 2007 (the ‘FIA Act’) to act as an independent agency authorized to receive, gather, store, analyse and disseminate information relating to suspected proceeds of crime and potential financing of terrorism received in the form of Suspicious Activity Reports (‘SARs’). The FIA may also disseminate such information to the Bermuda Police Service and foreign financial intelligence authority.
The FIA Act became operable on 15 November 2008 pursuant to Official Gazette Notices Nos. 70 and 71 of 2008.
It should be noted that members of the Bermuda Police Service no longer have the legal capacity to accept any SAR that may be filed with them in error.
