Bahamas Has Spent $35 Million On New Anti-Laundering Regime, Says Sears

by Amanda Banks, Tax-News.com, London

23 October 2002

Speaking as he assumed his new position last week, Bahamian Minister of Education, Attorney General, and recently appointed head of the Caribbean Financial Action Task Force (CFTAF), Alfred Sears revealed that the Bahamas has so far spent around $35 million implementing and maintaining its anti-money laundering regime.

Mr Sears told the ministerial meeting that although the expenditure was necessary, as it is important for all countries to bring their systems into compliance with international standards, the jurisdiction - and its fellow CFATF members - want equality of treatment with their Western counterparts in return:

'Having borne this high cost of implementing the international standard against money laundering, we insist on equality of treatment of all countries, including FATF member countries,' he announced, pointing to the considerable efforts made by all concerned, and adding that:

'While the Bahamas has managed the costs of implementing this new regulatory regime with minimum domestic instability, other countries have found it considerably more difficult to make these adjustments.'

Mr Sears outlined the various pieces of legislation put into force by the Bahamian government, and concluded that:

'We must be determined in the fight against money laundering. The Bahamas, however, takes pride in the fact that it is a well regulated financial centre, committed to the highest standards in the provision of financial services and is serious about the integrity of its financial services sector.'

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