|Isle of Man||Italy|
Yes. As a British overseas territory, Bermuda implements the international sanctions obligations of the UK.
The International Sanctions Act 2003 (the “2003 Act”) empowers the Minister responsible for the Legislature to make the regulations necessary or expedient to give effect in Bermuda to the international sanctions obligations of the UK.
The International Sanctions Act Regulations 2013 (the “2013 Regulations”) were made under the 2003 Act. The 2013 Regulations list all of the sanctions-related Orders in force in Bermuda, and are amended on an ongoing basis to ensure it remains up to date. In this regard, Orders will be added or removed from Schedule 1 of the 2013 Regulations from time-to-time as required.
Yes. The Government of Bermuda implements the international sanctions obligations of the UK, which is a member of the UN. As a member of the UN, the UK is obliged to implement the resolutions of the UN Security Council (“UNSC”).
Yes. As a British overseas territory, Bermuda has an obligation to implement all international sanctions that are extended to it through legislative action by the UK Government. The 2003 Act states that the minister may make such provisions that appear to him to be necessary or expedient for enabling any international obligation of the UK relating to economic or other sanctions imposed on any country, organization, person or group of people. The Minister also has the power to make regulations which may include provisions for the apprehension, trial and punishment of people who contravene the regulations.
The majority of the sanctions in effect in the UK come from the UNSC and the EU. International sanctions are implemented in the UK through Orders in Council to give effect to UN Security Council Resolutions (“UNSCR”). Orders in Council are extended to Bermuda when Bermuda is listed in Schedule 1 to the Order in Council. Certain Orders in Council, which usually give effect not only to UNSCR but also to EU law, are brought into force in Bermuda through regulations made by the Bermuda Parliament via to the 2003 Act on the basis that, as EU law is not directly applicable to Bermuda, sanctions related Orders in Council that give effect to EU law must be brought into force through domestic legislation.
Bermuda also has an autonomous terrorist sanctions regime and has power over the regulated sector under the Anti-Terrorism (Financial and Other Measures) Act 2004 and related legislation.
The most frequently applied measures are:
In general terms, it is a criminal offence to:
Does Bermuda maintain a list of sanctioned individuals and entities?
Yes. The Governor of Bermuda must maintain and publish a list of designated or listed persons who are the target of financial sanctions under any of the Orders listed in Schedule 1 to the 2013 Regulations. This is deemed to be fulfilled by publishing a web address that provides a link to the UK Treasury’s Consolidated List of persons constituting the target of the sanctions.
The Governor must also maintain and publish a list of restricted goods under any of the Orders listed in Schedule 1 to the 2013 Regulations which is deemed to be fulfilled by publishing a web address that provides links to:
which constitute the consolidated list of restricted goods.
The web address https://www.gov.bm/international-sanctions-measures provides links to:
in respect of each applicable Order, listed in Schedule 1 to the 2013 Regulations.
No. There is, however, a list of prohibited business activities in Schedule 10 to the Companies Act 1981. Prohibited business activities include trafficking in armaments as defined in the Armaments (Control) Act 1964.
Yes. All sanctions-related license applications, notifications and authorizations are made by the Governor of Bermuda.
It is a criminal offence to breach an obligation under a relevant sanctions measure without an appropriate license or authorization from the Governor of Bermuda, where available. The penalties for breaching sanctions can vary across the various regimes. However, in general terms, any individual found guilty of an offence shall be liable on conviction to imprisonment and/or a fine. Specific penalties can be found in the UK overseas territories orders which are, as stated above, brought into force in Bermuda through regulations or by direct extension to Bermuda.
Entities acting in breach of financial sanctions can also commit a criminal offence and be liable to a fine. Where an offence has been committed by a body corporate, partnership or other form of unincorporated association and is proven to have been committed with the consent of, or neglect on the part of, an officer or partner, as applicable, of the entity, that individual is guilty of an offence (as well as the entity) and may be proceeded against accordingly.
In addition to the criminal penalties, a failure of a licensed entity under the regulation of the Bermuda Monetary Authority may lead to a regulatory action by the Authority that could result in cancellation of registration, public censure and a civil fine of up to BMD 500,000.
The National Anti-Money Laundering Committee (“NAMLC”), while not a regulatory body, is the intra-Governmental Committee established by virtue of section 49 of the Proceeds of Crime Act 1997 (“POCA”) for the purpose of advising the Minister of Justice in relation to the detection and prevention of money laundering in Bermuda.
The NAMLC’s remit includes the making of Regulations for this purpose, and the development of a national plan of action to enable the competent authorities in Bermuda to coordinate policies and activities to combat money laundering, and to ensure the participation of Bermuda in the international effort against money laundering.
Office of the National Anti-Money Laundering Committee
Ministry of Legal Affairs
4th Floor, Global House
43 Church Street
The Financial Intelligence Agency (“FIA”) was established by the Financial Intelligence Agency Act 2007 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. The FIA may also disseminate such information to the Bermuda Police Service and foreign financial intelligence authority.
Strata ‘G’ Building, 30A Church Street,
PO Box 1882, Hamilton HM HX
The Bermuda Monetary Authority (“BMA”) is Bermuda’s financial regulator established under section 2 of the Bermuda Monetary Authority Act 1969. The BMA’s principal objects are enshrined in section 3 of that Act and its objectives and responsibilities include:
supervising, regulating and inspecting any financial institution which operates in or from within Bermuda
assisting with the detection and prevention of financial crime
monitoring AML/ATF regulated financial institutions to ensure full compliance with Bermuda’s AML/ATF framework as required by section 5 of the Proceeds of Crime Regulations (Supervisions and Enforcement) Act 2008
issuing Guidance to AML/ATF regulated financial institutions supervised for compliance with the AML/ATF regulations as required by section 5 of the Proceeds of Crime Regulations (Supervisions and Enforcement) Act 2008
Bermuda Monetary Authority,
BMA House, 43 Victoria Street,
PO Box 2447, Hamilton, HM HX,
The Barristers and Accountants AML/ATF Board (http://www.amlatfboard.bm) act as a supervisory authority with guidance as to how barristers and accountants should carry out their obligations as required under Bermuda’s legislative framework for the prevention and detection of money laundering and terrorist financing.
The Charities Act 2014 makes provision for the establishment of a Charities Commission under the auspices of the Registrar General to regulate Charities. The Registry General (www.registrygeneral.gov.bm) has issued Guidance on the Charities (Anti-Money Laundering, Anti-Terrorist Financing and Reporting) Regulations 2014.
© Eversheds Sutherland 2018. All rights reserved. Eversheds Sutherland is a global provider of legal services operating through various separate and distinct legal entities.
Eversheds Sutherland is the name and brand under which the members of Eversheds Sutherland Limited (Eversheds Sutherland (International) LLP and Eversheds Sutherland (US) LLP) and their respective controlled, managed and affiliated firms and the members of Eversheds Sutherland (Europe) Limited (each an "Eversheds Sutherland Entity" and together the "Eversheds Sutherland Entities") provide legal or other services to clients around the world. Eversheds Sutherland Entities are constituted and regulated in accordance with relevant local regulatory and legal requirements and operate in accordance with their locally registered names. The use of the name Eversheds Sutherland, is for description purposes only and does not imply that the Eversheds Sutherland Entities are in a partnership or are part of a global LLP. The responsibility for the provision of services to the client is defined in the terms of engagement between the instructed firm and the client.