Bermuda — Country Risk Report

Bermuda (Offshore / IFC • British Overseas Territory). Risk report as of the 19 Jun 2026 FATF plenary.

Moderate country risk. Bermuda's country risk score is 2.5/10, placing it in the moderate-risk band. Some information is unavailable, so the available parts are rebalanced and the country will not be labelled Low risk while information is missing. The principal driver is weak corruption. Bermuda is not currently FATF grey- or black-listed. Bermuda is not subject to comprehensive country-wide sanctions. Firms should apply additional scrutiny where exposure involves state-linked entities, restricted sectors, sensitive technology, dual-use goods or politically exposed counterparties.

Recommended treatment

Standard due diligence, with enhanced checks for defined risk triggers.

At a glance

  • FATF status: Not currently listed (one indicator only; it does not set the overall country risk rating by itself)
  • Comprehensive country sanctions: none identified. Targeted sanctions exposure: possible, screen applicable persons, entities and sectors
  • Government effectiveness and rule of law: information unavailable
  • Corruption (CPI): no score
  • Enforcement data: not yet assessed (no RegActions coverage)

Country Risk Score: 2.5/10 (Moderate)

Higher score means higher country risk (global average 4.6). Some information unavailable. Limited supporting information. Enforcement activity and CPI are shown for context but do not change the score.

One of the three parts is unavailable. The available parts are rebalanced, and the result will not be labelled Low risk while information is missing.

How this score was calculated

  • Financial crime controls: 3.5/10 — 71% of this score
  • Government effectiveness and rule of law: information unavailable — 0% of this score
  • International sanctions: 0.0/10 — 29% of this score
  • Government effectiveness and rule of law information is unavailable.
  • The FATF assessment is more than five years old.

International sanctions contributes 0.0 because the complete UN, UK, EU and US review found no direct country-level sanctions programme. People or organisations connected to the country may still appear on sanctions lists.

Show the exact calculation

aml 3.5 × 71.4% + sanctions 0 × 28.6% = 2.5; final 2.5

Principal risk drivers

  • Government effectiveness and rule of law drive the score; no FATF listing or direct country-level sanctions were identified

Mitigating factors

  • Not currently on the FATF grey or black list.
  • No comprehensive country-wide sanctions programme.
  • Comparatively stronger political stability (1.8/10).
  • Risk is concentrated in specific counterparties, sectors and transactions rather than applying uniformly.

Business impact

  • Customer onboarding (Medium): Additional ownership and control verification may be required.
  • Payments and transactions (Medium): Review transaction purpose, counterparties and geographic routing.
  • Trade and export activity (Medium): Screen goods, end users and potential dual-use exposure.
  • Corporate clients (Medium): Assess state ownership, government links and political exposure.
  • Ongoing monitoring (Medium): Apply alerts for ownership changes, sanctions and geopolitical developments.

Recommended controls

  • Verify ultimate beneficial ownership using more than one reliable source.
  • Identify state ownership, government influence and politically exposed persons.
  • Screen entities, directors and beneficial owners against applicable sanctions lists.
  • Apply enhanced review to technology, defence, telecommunications, financial services and dual-use activity.
  • Document transaction purpose and source of funds where cross-border structures are complex.
  • Escalate unresolved ownership opacity or adverse information to Compliance.

Enhanced due diligence triggers

  • State ownership / control
  • PEP involvement
  • Sensitive / restricted sectors
  • Opaque ownership
  • Adverse media
  • Dual-use goods & technology
  • High-risk intermediary routing

FATF status: Not currently listed

Bermuda is not on the FATF grey or black list as of the 19 Jun 2026 plenary.

Source details

International sanctions by issuing body

  • UN: No
  • EU: No
  • UK: No
  • US: No

No means the complete UN, UK, EU and US review found no direct country-level programme. People or organisations may still appear on sanctions lists.

Government effectiveness and rule of law (World Bank 2024, percentile)

  • Government Effectiveness: 80/100
  • Regulatory Quality: 65/100
  • Rule of Law: 71/100

Regulators and legal framework

FATF network

FATF network via CFATF.

Last mutual evaluation: 2020 · report

National regulators

Regulator profiles not yet available on RegActions.

FIU: Egmont Group member (FIA)

Framework signals

  • FATF listing: Not currently listed
  • International sanctions: no listed programme identified
  • BO register: Restricted (live since 2018)
  • Corruption (CPI): no score
  • Rule of law (WGI): 2.8/10 risk

Sector exposure

  • Banking & payments (Low): No FATF listing, rule-of-law governance within normal range
  • Trade & export controls (Low): No sanctions programme or FATF black-list constraint identified
  • Crypto & virtual assets (Review): Accountability evidence unavailable; no low-exposure conclusion
  • Real estate & luxury assets (Low): Corruption indicators within normal range for high-value assets
  • State-linked & procurement (Low): Political-stability and corruption governance within normal range

Derived from sanctions tier, FATF listing, World Bank WGI governance and CPI; no per-sector dataset is asserted.

Bermuda: analysis

Bermuda's governance is anchored by corruption and rule of law domain risks, both relatively contained for an offshore financial centre. Political stability is a strength. Voice and accountability data are absent, preventing a full four-domain assessment. No FATF listing or sanctions apply. No CPI data are provided for this jurisdiction.

Outlook

Bermuda's outlook is stable. Its British Overseas Territory status and long-standing regulatory infrastructure support continued low-risk classification. Firms should remain attentive to developments at the October 2026 FATF plenary and to any legislative changes affecting Bermuda's insurance regulatory framework, but no immediate escalation factors are present in the current data.

Key watchpoints

  • Absence of voice and accountability data introduces a minor gap in the governance picture; monitor any emerging accountability concerns.
  • FATF October 2026 plenary outcomes should be reviewed to confirm continued non-listing.
  • Captive and (re)insurance structures may require enhanced counterparty checks where ultimate beneficial owners are obscured.
  • No enforcement actions are recorded, but firms should verify whether the jurisdiction's regulator publishes its own enforcement data independently.

Assessment currency

  • FATF status: Not listed (as of 19 Jun 2026)
  • Sanctions exposure: None identified (as of Jul 2026)
  • Governance (WGI): Latest dataset incorporated (as of 2024)
  • Corruption (CPI): Not available (as of 2025)
  • RegActions assessment: Reviewed (as of 19 Jun 2026)

Public evidence layer

FATF action: none. No FATF call-for-action or increased-monitoring status was identified at the latest plenary. This does not establish low risk.

Contextual signals (not scored)

  • FATF network membership: FATF regional network: CFATF (present, as of 2026-07)
  • EU non-cooperative tax jurisdictions: Not listed in Annex I (absent, as of 2026-02-17)
  • Egmont Group FIU: FIA (present, as of 2026-07-17)
  • Beneficial-ownership register: Restricted (live since 2018) (present, as of 2026-07-17)
  • Transparency International CPI: No CPI result available (unavailable, as of 2025)

Evidence freshness

  • FATF monitored-jurisdiction status: current; data 2026-06-19
  • FATF mutual evaluation and follow-up ratings: current; data 2026-07-31; follow-up 2020-01; base assessment 2020-01
  • World Bank governance indicators: current; data 2024
  • UN, UK, EU and US sanctions regimes: current; data 2026-08-16

Contextual signals are public evidence only and do not change the immutable v2 score.

Download evidence PDF · CSV · JSON

Regional peer scores

FAQ

Is Bermuda on the FATF grey list?

No. Bermuda is not on the FATF grey or black list as of the 19 Jun 2026 plenary. FATF listing is one AML indicator; absence from the list does not by itself make Bermuda low risk. The next FATF plenary review is scheduled for Oct 2026.

Is Bermuda subject to sanctions?

No country-level programme was identified. In the approved RegActions snapshot, no comprehensive or targeted country-wide sanctions programme was found for Bermuda, but individual listed persons may still exist, so firms should continue to screen counterparties against the applicable lists.

What is Bermuda's country risk rating?

RegActions rates Bermuda at 2.5/10 (Moderate risk), where a higher score means higher country risk. The score combines financial crime controls, government effectiveness and rule of law, and international sanctions. Some information is unavailable, so the available parts are rebalanced and the country will not be labelled Low risk while information is missing.

What due diligence applies to Bermuda?

Standard due diligence, with enhanced checks for defined risk triggers. This is decision-support based on Bermuda's FATF status, governance and sanctions signals, and is not a substitute for a firm's own risk assessment.

Source: FATF black & grey lists · World Bank WGI (CC BY 4.0 — World Bank WGI) · TI CPI (CC BY-ND 4.0 — Transparency International, display only)