CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Bahamas Committed to Anti-Money Laundering Strategy

Bahamas Committed to Anti-Money Laundering Strategy

by Amanada Banks, for LawAndTax-News.com, London

18 October 2007


A national strategy for the prevention of money laundering and terror financing (AML/CFT) is central to the Bahamas's goal of sustaining its place as a well-regulated financial services jurisdiction, Attorney General Sen. Claire Hepburn told a recent conference.

“It is accepted that the first step in the fight against money laundering must be the enactment of effective anti-money laundering and financing of terrorism legislation," Sen. Hepburn, who is also Minister of Legal Affairs, told a seminar hosted by the Bahamas Financial Intelligence Unit (FIU) this week.

Since 2000, the Bahamas has enacted a series of legislative and regulatory initiatives to strengthen its anti-money laundering regime, including the the Anti-Terrorism Act passed in 2004. The Attorney General noted that further legislative amendments may become necessary in the future to address both local and global developments.

However, Hepburn stressed that when determining the need for any such changes, the government’s overriding consideration will be to act in the best interest of the Bahamas and its people.

The Bahamas now has an ad hoc 'Task Force' which serves to review and make recommendations to the government on AML/CFT matters at a policy level. Comprised of representatives from various government agencies, the Task Force meets on a monthly basis, with special meetings scheduled as necessary. Efforts are underway now to formally establish the Task Force by way of legislative statute, positioning it as an “umbrella” review group, Hepburn explained.

The FIU circulated templates on the National AML/CFT Strategy during June and July and is compiling the feedback from industry, preparatory to finalising its report. Seminar participants were encouraged to complete the templates for return to the FIU as soon as possible. This will enable the government to move forward with its design of a National AML/CFT Strategy ”which is comprehensive, integrated, coherent and simple with succinct procedures for implementation, based on acceptable international standards and practice,” the Attorney General stated.

She added that the proposed National Strategy will provide all relevant parties with measurable goals and outcomes, and clearly identified national goals.


To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »