Council takes early look at CFATF review - Royal Gazette

Business Staff

Published Jan 15, 2019 at 4:28 pm (Updated Jan 15, 2019 at 4:28 pm)

Important role: the Bermuda Monetary Authority hosted the ninth meeting for the Financial Policy Council (File photograph)

Preliminary results of the island’s assessment by the Caribbean Financial Action Task Force, have been discussed by the Financial Policy Council, which is headed by Curtis Dickinson, Minister of Finance.

The CFATF assessed the island’s anti-money legislation and combating the financing of terrorism measures between October and November.

The Financial Policy Council met in December and took an early look at some of CFATF’s findings. The gathering was hosted by the Bermuda Monetary Authority.

The council assesses possible threats to the island’s financial stability and identifies policies and actions to mitigate or eliminate such threats. It also makes policy recommendations to support the general economic and financial wellbeing of Bermuda.

At the council’s ninth meeting its members expressed concern about the “potential dampening impact that increased protectionism is having on the global economy,” examined how these trends are impacting Bermuda, and explored avenues to address these matters.

Global and domestic trends affecting banks in Bermuda were also examined. In addition, members were provided with an update on the island’s regulatory and supervisory framework for fintech business.

The Bermuda Tax Reform Commission report and the Fiscal Responsibility Panel report, which were released towards the end of the year, were reviewed and discussed, with members underlining “the critical importance of the reports’ recommendations”.

Other topics discussed were the work being done in Bermuda aimed at successfully addressing the request of the European Union’s Code of Conduct (Business Taxation) Working group under the non-co-operative jurisdictions initiative, and activities under way with the Bermuda Government and BMA with the development of a resolution framework for Bermuda banks that is aligned with international standards.

The other council members are Sir Andrew Large; Jeremy Cox; Michael Butt; Dame Amelia Fawcett; Gil Tucker and DeLisle Worrell. The council’s next scheduled meeting will be in April.

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