PM Confident The Bahamas Will Be Removed From OECD And FATF Blacklists

Amanda Banks, Tax-news.com, London

21 March 2001

The Bahamas' Prime Minister, Hubert Ingraham, has spoken extensively on his expectations that his country will be removed from the FATF's and the OECD's blacklists this year. Mr Ingraham was quoted by the Nassau Guardian newspaper this week as saying that he sees 'no good earthly reason' why the Bahamas should remain on the now-infamous lists because his government has made huge efforts to meet the multilaterals' demands.

Mr Ingraham spoke out in defence of his decision to implement the changes when accused by the opposition that his government over-reacted. He stated: 'I am aware that there are some who think that we have gone too far and that our new regulatory and supervisory regime is excessive. There are others who think that we have not yet gone far enough. And, there are yet others who still think we ought not to have changed anything - they liked and benefited from things as they were.'

He said that he was satisfied with the manner in which the Bahamas responded to the multilaterals' demands: 'The Bahamas has acted appropriately not only to preserve, but to enhance the financial services sector and to make The Bahamas once again the undoubted financial services jurisdiction of choice outside the continents of North America and Europe for discerning and discriminating, reputable financial service providers.'

Mr Ingraham said the Bahamas was in full compliance with the recommendations of the FATF. 'I am similarly of the view,' he continued, 'that if the OECD is prepared to level its playing field so that all of its members and all other financial service jurisdictions, not subject to sanctions, agree to cooperate in exchange of specific information relating to specific requests, that it would be possible for the Bahamas not to be listed by that agency in July.'

The Prime Minister concluded: 'We have sought to act prudentially in addressing issues. In putting forward our conditions we took due and full account of the wise counsel, suggestions and recommendations of the financial services sector, most particularly, the banking sector.'

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