Bahamas Anti-Money Laundering Laws Superior To Some OECD Countries, Says BSFB

by Amanda Banks, Tax-News.com, London

01 November 2001

In a statement released last week, Wendy Warren, CEO of the Bahamas Financial Services Board (BFSB) announced that Bahamian anti-money laundering legislation is as advanced as that of any OECD country, and in some cases, more advanced. 'Counter money laundering vigilance and measures have been a priority in the Bahamas for a number of years and received additional attention in the past year when the government passed new legislative initiatives,' she explained.

In the statement, the BFSB Executive Director pointed to the implementation of 'Know Your Customer' procedures, and the establishment of the Financial Intelligence Unit and International Legal Cooperation Unit, which both serve to facilitate implementation of new anti-money laundering laws, as signs that the jurisdiction is well ahead of the pack.

Immediately following the attack, continued Ms Warren, the Bahamas enacted the International Obligations (Afghanistan) Order 2001, which forbids Bahamian institutions from doing business with any of Osama bin Laden's known or suspected associates or organisations. According to the BFSB, the jurisdiction's financial sector was one of the first to respond to the crisis.

'The Bahamas will continue to cooperate with all who seek to fight money laundering, fraud, international terrorism and other serious crimes,' Wendy Warren concluded, but added as a proviso: 'At the same time, this does not diminish the fundamental fact that the Bahamas is wedded to the belief that law-abiding persons and entities have a right to privacy and confidentiality with respect to the conduct of their affairs.'

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