Bermuda has secured an “excellent” endorsement from the Caribbean Financial Action Task Force in the global fight against money laundering and terrorist financing, Curtis Dickinson, the finance minister, announced this morning.The review of the island started in March 2018, and Mr Dickinson said the high rating represented a “major accomplishment” for Bermuda’s reputation.The mutual evaluation report of Bermuda places the island sixth in the ranks of more than 75 reports published to date by the Financial Action Task Force.Mr Dickinson added: “Bermuda is only the second jurisdiction thus far to be assessed as having a high level of effectiveness in relation to its risk assessment and domestic coordination mechanisms.”The assessment places Bermuda “high” in the category of anti-laundering and terrorist financing risk.The island scored “substantial” in six other categories, Mr Dickinson said:• International co-operation on intelligence and evidence to take action against criminals;• Supervision and regulation of “relevant entities to ensure compliance with their required obligations”;• Administration and oversight of legal professionals, with arrangements to prevent their misuse, and ensuring that required information on beneficial ownership is available;• Use of financial intelligence and other information to permit the investigation of criminal activities;• Investigation, prosecutions and sanctions in relation to terrorist financing;• Implementation of targeted financial sanctions for terrorist financing.Mr Dickinson said: “In the fight against money laundering, the financing of terrorism and proliferation, the mutual evaluation report confirms that Bermuda is one of the global leaders.”He added: “It confirms that we understand our risks, we respond appropriated, and we manage our risk accordingly. The results of this report confirm that we know what we are doing, and we do it well.”•To read the minister’s statement in full, click on the PDF under “Related Media”.