The report finds no domestic cases but urges ongoing vigilance
Media Release:
The Ministry of Finance and the Ministry of Justice announce the publication of Bermuda’s 2025 Proliferation Financing National Risk Assessment. The report, prepared by the National Anti-Money Laundering Committee, assesses Bermuda’s proliferation financing risks. It also strengthens the jurisdiction’s anti-money laundering, anti-terrorist financing and counter-proliferation financing framework. This is Bermuda’s first national assessment of proliferation financing risks and follows a series of risk assessments undertaken since 2013, when the jurisdiction completed its first comprehensive assessment of money laundering risks.
The Hon. E. David Burt, JP, MP, Premier and Minister of Finance, said: “This report reflects Bermuda’s prudent approach to safeguarding the integrity of our financial system. While no proliferation financing activity has been identified within the jurisdiction, the assessment recognises that as an international financial centre, Bermuda must remain vigilant to indirect risks arising from global financial flows. By strengthening our understanding of these risks, we are ensuring that our regulatory and supervisory frameworks remain sound, proportionate, and aligned with international standards to protect our economy over the long term. I thank the public and private sector stakeholders whose expertise, collaboration and commitment have contributed to this important assessment and helped strengthen Bermuda’s resilience against emerging financial risks.”
The report evaluates specific threats posed by sanctioned jurisdictions with advanced proliferation capabilities. It identifies vulnerabilities linked to cross-border financial activity, complex corporate structures, and emerging technologies such as digital assets, where global typologies show increased risk. The assessment also considers the potential consequences of proliferation financing, including reputational damage to the jurisdiction, exposure to international sanctions, disruption to legitimate trade, and broader economic and security impacts.
The assessment confirms that Bermuda has not identified any proliferation financing activity, breaches of targeted financial sanctions, or assets linked to designated entities. However, it underscores the importance of maintaining vigilance given Bermuda’s role as an international financial centre and its exposure to global financial networks.
Senator, the Hon. Kim Wilkerson, JP, Attorney General and Minister of Justice, added: “From a legal and regulatory perspective, this assessment reinforces Bermuda’s strong compliance culture and our commitment to upholding international obligations. Its findings inform the continued development of targeted policies and enforcement measures, and I encourage all stakeholders to review the report and incorporate its insights into their compliance frameworks. A coordinated, risk-based approach will remain essential in protecting the jurisdiction from money laundering, terrorist financing, and proliferation financing risks.”
The report forms part of Bermuda’s ongoing commitment to maintaining a robust and effective AML/ATF/CPF regime. Government, regulators and industry stakeholders are encouraged to use the findings to enhance risk awareness, strengthen controls, and support coordinated efforts to mitigate emerging threats over time.
The report is available at: https://www2.gov.bm/department/office-national-anti-money-laundering-committee
