Responding to President Bush's Executive Order requiring financial institutions to freeze accounts belonging to a list of people and organisations associated with Osmana bin Laden, the Bahamas Financial Services Board (BFSB), which acts as a bridge between the islands' financial services sector and government, has announced that monitoring of the Bahamas' financial sector has been intensified to ensure none of its institutions is being used to fund terrorist activities.
New actions taken include:
Bahamian Foreign Affairs Minister Janet Bostwick said “ The Bahamas is committed to ensuring its financial services sector will not be used to fund terrorists or terrorism.”
Echoing her comments, Attorney General and Minister of Justice Carl Bethel said, “ We will not flinch nor falter in the effort to prevent the abuse of our financial services system and in eradicating money laundering and other financial crimes.”
Under the Central Bank review, banks and trust companies have been asked to consider all client accounts. This process is greatly facilitated by legislation that not only obliges institutions to 'know-their-customers' but to maintain full documentation within their offices.
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 to ensure all financial institutions are, by law, required to “know-their-customers” and to report any suspicious transactions.
" Money laundering is a global problem, not one that is restricted to offshore centers,” said Wendy Warren, CEO and Executive Director of the BFSB. “ We recognize that we operate in a globally integrated market for financial services and our sole interest is legitimate international business. As a result, our counter-money laundering legislation is as advanced as any OECD country.”
She added, “ While confidentiality is an important aspect of our country, this confidentiality does not extend to those who commit offenses such as bribery and corruption, drug trafficking and other serious crimes.”
Under Bahamian law, banks and trust companies must report immediately to the Central Bank of The Bahamas information on any account identified as having any possible link to suspected terrorists or terrorist organizations.
The BFSB, launched in April 1998, represents an innovative commitment by the financial services industry and the Government of The Bahamas to promote a greater awareness of The Bahamas' strengths as an international financial centre. BFSB represents and promotes the development of all sectors of the industry, including: banking, private banking and trust services, mutual funds, capital markets, investment advisory services, account- ing and legal services, insurance, and corporate and shipping registry.
In addition to its coordinated programs to increase confidence and expand knowledge of The Bahamas among international businesses and investors, the private sector-led BFSB will continue to consult with government to develop new initiatives to meet the rapidly changing demands of international financial markets.
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