Today, Attorney General Kim Wilson announced that "Bermuda has been placed in the lowest risk category in the most recent assessment by the US State Department on vulnerabilities and threats to the US national security and the stability of the global financial system, posed by money laundering and terrorist financing." Attorney General Wilson:

Bermuda’s placement in the lowest risk category is consistent with our 2008 ranking and confirms Bermuda’s position as a strong positive contributor to this important global fight. In fact, Madam President, I must note that Bermuda is one of the few countries that play a key role in the financial services arena, that is listed in this category.

The Bermuda Government has certainly demonstrated its strong commitment to take action to prevent, detect and disrupt money laundering and terrorist financing. The Government emphasized this commitment in the 2007 Throne Speech and it was reiterated in the 2008 Throne Speech. In addition, the commitment has been expressed internationally to other countries and to key multi-national bodies. However, it has not just been “empty words”. We have indeed taken significant steps to follow through on that commitment.

In recent months, we have commenced a number of pieces of legislation which strengthen our regime in this regard. Amendments to the Proceeds of Crime Act 1997, the Anti-Terrorism (Financial and Other Measures) Act 2004 and the Revenue Act 1898 are all now in force. Further, as a result of the commencement of the Financial Intelligence Agency Act 2007, we have established a new independent agency to receive and analyze suspicious activity reports. All of these changes to the legislation are allowing us to take a more proactive and all-encompassing approach to investigating and prosecuting cases locally; in proceeding with confiscations and forfeitures; and in assisting our colleagues overseas in such matters. Further, we now have the legislative tools required, with the enactment of the new Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008 and the Proceeds of Crime Regulations (Supervisory and Enforcement) Act 2008, to enhance our Know Your Client framework and to monitor and enforce compliance with the updated legislative and regulatory requirements. In fact, Madam President, as a result of all of the recent legislative enhancements, it is certainly noteworthy that in the comparative table provided on page 57 of the INSCR, it is recorded that Bermuda has in place almost all of the key legislative requirements expected of a jurisdiction that has a strong framework in this regard.

This rating puts Bermuda in a strong position in terms of retaining and attracting business and investment. It also helps us make a powerful case in foreign capitals that our regulatory environment is strong and that it's unfair to lump us together with less responsible jurisdictions.

After a decade, the PLP Government has developed a strong, stable and internationally respected regulatory framework and should be commended for it's work.