Bermuda RISK & COMPLIANCE REPORT DATE: January 2017
Bermuda RISK & COMPLIANCE REPORT DATE: January 2017 KNOWYOURCOUNTRY.COM Executive Summary - Bermuda Sanctions: None FAFT list of AML No Deficient Countries Not on EU White list equivalent jurisdictions Higher Risk Areas: Offshore Finance Centre Compliance with FATF 40 + 9 Recommendations Medium Risk Areas: Weakness in Government Legislation to combat Money Laundering Major Investment Areas: Agriculture - products: bananas, vegetables, citrus, flowers; dairy products, honey Industries: international business, tourism, light manufacturing Exports - commodities: reexports of pharmaceuticals Exports - partners: Australia 17%, US 14.8%, Indonesia 12.6% (2012) Imports - commodities: clothing, fuels, machinery and transport equipment, construction materials, chemicals, food and live animals Imports - partners: South Korea 46.2%, US 21%, Singapore 9.9%, China 7%, Turkmenistan 4.8% (2012) Investment Restrictions: The GOB welcomes foreign direct investment and continually seeks to develop innovative new financial services and products that manage risk and facilitate the efficient flow of capital. Incorporating a company in Bermuda is a relatively straightforward, well 1 regulated, and efficient process, and the GOB has recently announced its intention to streamline the process even further. Foreign investors should be aware that Bermudians generally feel strongly about ensuring that the assets of Bermuda benefit Bermudians, guaranteeing Bermudians have first preference with regard to employment, and retaining real property for the citizens of Bermuda.
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