UK Looking to Boost Bermuda's Sanctions Enforcement Capacity
Officials from the U.K. and Bermuda issued a joint statement this week committing to boost cooperation on sanctions, and the U.K. agreed to provide Bermuda with up to 300,000 pounds, or about $400,000, this year "for new initiatives to enhance Bermudian sanctions capacity and capability."
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Bermuda plans to put in place a "legitimate interest access register of beneficial ownership" to help it weed out sanctions circumvention, the statement said. It also said the U.K. recognizes that Bermuda is a "global leader in the provision of high quality insurance and reinsurance services," and the British island territory has already frozen more than $200 million in sanctioned assets. The two sides agreed that "there should be no safe haven for those seeking to evade or circumvent UK sanctions."