The Bahamas has taken steps towards improving its anti-money laundering and counter financing of terrorism (AML/CFT) framework according to the Financial Action Task Force (FATF).
But the Caribbean nation will not be removed from the dozen countries on the FATF grey list until it completes its action plan agreed between the financial watchdog and the country in October 2018.
Trade-based financial crime
Some of the improvements called for in the action plan include the introduction of tighter beneficial ownership requirements and capacity building at the country’s financial intelligence unit with the aim to strengthening the islands’ ability to crack down on trade-based financial crime.
The Bahamas has made progress in areas such beginning its initial implementation of the recent beneficial ownership law and bringing new anti-terrorism regulations into force.
The Bahamas still however needs to complete the process of ensuring timely access to adequate, accurate and current basic and beneficial ownership information.
The country must also complete work to improve its management systems for international cooperation and demonstrate risk-based supervision of non-bank financial institutions.
Attorney general confident
The authorities also need to demonstrate they are investigating and prosecuting all types of money laundering and increasing the identification, tracing and freezing or restraining of assets.
The Bahamas’ attorney general Carl Bethel told local media that the action plan would be completed in time for the FATF’s next conference in October.
Categories: Trade Based Financial crimes News