Financial Intelligence Agency
Overview of FIA
The Financial Intelligence Agency (FIA) was established by the Financial Intelligence Agency Act 2007 to act as an independent agency authorized to receive, gather, store, analyse and disseminate information relating to suspected proceeds of crime and potential financing of terrorism received in the form of Suspicious Activity Reports and Suspicious Transaction Reports.
Who we are
The Financial Intelligence Agency (FIA) is Bermuda’s Financial Intelligence Unit (FIU) and was established, in part, to meet recommendations of the Financial Action Task Force, including FATF Recommendation 29 whereby:
“Countries should establish a financial intelligence unit (FIU) that serves as a national centre for the receipt and analysis of:
(a) suspicious transaction reports; and
(b) other information relevant to money laundering, associated predicate offences and terrorist financing, and for the dissemination of the results of that analysis.
The FIU should be able to obtain additional information from reporting entities, and should have access on a timely basis to the financial, administrative and law enforcement information that it requires to undertake its functions properly. ”
What we do
In carrying out our functions, the FIA collects Suspicious Activity Reports (SAR) from regulated entities and others related to money laundering and terrorist financing as required under Proceeds of Crime Act 1997 (POCA) and Anti-Terrorism (Financial and Other Measures) Act 2004
As part of its FIU functions, the FIA then analyzes the data provided via SARs to uncover activities and patterns that may indicate money laundering, terrorism financing or other related criminal activities. This information is then disseminated as intelligence to local law enforcement and regulators as well as certain international partners.
Our Mandate
Established under the Financial Intelligence Agency Act 2007, the Financial Intelligence Agency (FIA) is an independent authority responsible for receiving, obtaining, analyzing, and disseminating information concerning suspected proceeds of criminal conduct, money laundering, terrorist financing, and related offenses. The FIA works closely with local and international counterparts to detect and deter financial crime, in support of Bermuda’s legal framework and global obligations.
Vision Statement
To be a leading financial intelligence unit, fostering a secure and transparent financial system that protects Bermuda’s reputation and supports global efforts against financial crime.
Mission Statement
To deliver high-quality financial intelligence and foster collaboration with stakeholders, empowering the fight against money laundering, terrorism financing, and other related crimes while ensuring compliance with international standards.
Core Values
- Integrity – Upholding the highest ethical standards in all operations and decision-making.
- Collaboration- Partnering effectively with domestic and international stakeholders to combat financial crime.
- Accountability- Ensuring transparency and responsibility in actions and reporting to maintain public trust.
- Innovation- Leveraging advanced tools, technology, and practices to stay ahead of emerging threats.
- Excellence- Striving for the highest standards in intelligence analysis, reporting, and organisational performance.
- Resilience- Sustaining operational effectiveness through adaptability, workforce capability, and strategic agility in the face of complex and emerging threats.