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Island has ‘robust framework’ to combat money laundering

The Island has developed “a robust framework” to combat money laundering and terrorist financing, Justice Minister Kim Wilson told the Senate.Bermuda’s regime is keeping abreast of standards set by the Financial Action Task Force (FATF), the global watchdog organisation, which is nearing the end of a two-year review. The revised standards are expected to be approved at a FATF plenary in February, Senator Wilson said.Bermuda’s next steps would be in preparation for an early 2014 evaluation.These will include a National Risk Review next year, plus updating of legislation bringing Designated Non-Financial Businesses and Professions (DNFBPs) under supervision.A Barristers and Accountants board will come under heightened financial security laws in the first quarter of next year, and rules supervising real estate agents, jewellers and high value dealers, as well as non-profit organisations and charities, will be strengthened from the second quarter onward.“The aim is that all DNFBPs will be brought into scope by the beginning of 2013,” Sen Wilson said.The Caribbean Financial Action Task Force (CFATF) has also approved Bermuda’s progress, she added, and the Island agreed to continue “key leadership responsibilities” at a CFATF plenary held last month.