Bermuda 'Must Intensify Anti-Money Laundering Fight'
The Bermudian office of accounting firm KPMG has called upon organisations in
the private and public sectors to redouble their efforts to prevent money laundering
activities, highlighting the need for a greater public awareness of the issue.
Revealing the findings of a global anti-money laundering survey commissioned
by KPMG’s UK office, Malcolm Butterfield, managing director of Financial
Advisory Services (FAS) at KPMG Bermuda suggested that local anti-money laundering policies,
and a general awareness of the issues should be a priority for the entire community,
the Royal Gazette reported. “There are billions of dollars in money laundering schemes in effect
worldwide and we cannot be naive to think that Bermuda won’t be targeted,”
Mr Butterfield stated, continuing: “A collaborative effort between the police, government and the public
is required to combat it.” The KPMG survey found that responding banks were placing a higher emphasis
on addressing anti-money laundering issues, whilst compliance costs have risen
some 60% over the last three years. “Basically financial institutions in the UK are allocating more resources
to developing robust anti-money laundering strategies and procedures, in terms
of finances, people and management time,” observed Mr. Butterfield, adding
that Bermudian regulators, the private sector and the government have all moved in line
with this trend. .
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