The Bermuda Monetary Authority has announced its aims and objectives for 2009. The Authority will focus on continued active management of the financial crisis, work towards mutual recognition in key overseas markets, and implement new anti-money laundering standards.
The BMA introduced its 2009 Business Plan, at its inaugural Annual Meeting in January 15. The plan sets out the organization’s strategic priorities and work plan for the coming year.
According to the BMA, publishing the Business Plan demonstrates the regulator’s ongoing commitment to improving transparency around the work of the Authority, and explains to stakeholders what enhancements to Bermuda’s regulatory regimes will take place in the near future.
Chief Executive Officer, Matthew Elderfield said: “This is the second year that the BMA has published a business plan. This year’s plan builds on the foundation established in 2008, where we successfully completed an ambitious set of initiatives for the development of Bermuda’s regulatory framework.”
“In common with other financial services regulators, 2008 was a particularly challenging year for the Authority, given the need to both manage the prevailing financial crisis and maintain our focus on our regulatory agenda. This year we face the same challenge, as the financial crisis moves into a new phase, with a broader impact on the economy.”
Speaking about the effects of the financial crisis on Bermuda, Elderfield stated: “Bermuda’s financial markets have proved resilient in the face of the financial crisis, although some sectors and market participants have, and will continue to face challenges. In the year ahead the BMA plans to continue its active supervisory approach managing these challenges.”
“The initiatives set out in the Business Plan will strengthen the Authority’s ability to respond to the crisis as it moves into a new phase, such as the implementation of the Basel 2 Accord for banks and some investment businesses and further enhancements to our solvency framework for insurers. Much of our effort will by necessity remain behind the scenes, as we work with challenged firms and use a combination of market surveys, stress test and on-sites to identify firms for close monitoring.”
On the implementation of new anti-money laundering standards, Elderfield explained that, following the enactment of a suite of legislation that enhanced Bermuda’s anti-money laundering and countering terrorism financing (AML/CTF) provisions in late 2008, the BMA now has broader supervisory and enforcement powers with regard to AML/CTF.
“This year the Authority’s work will shift from policy making to focused on-site reviews of AML standards. The Business Plan sets out our plans for a dedicated team to conduct reviews on AML compliance. These reviews will provide a basis for feedback to the market on progress in implementing the new standards and will also establish a benchmark for follow up enforcement activity, if deemed necessary.”
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