Title: Bahamas’ Strides in Combatting Money Laundering and Terror Financing: Regaining Reputation Amidst FATF Scrutiny

AML/CFT Deficiencies and FATF Scrutiny

• The Bahamas has seen a surge in money laundering investigations, prosecutions, and convictions (Attorney General Carl Bethel).
• This push follows deficiencies in the country’s anti-money laundering and counter-terror financing (AML/CFT) defenses, with increased scrutiny from the Financial Action Task Force (FATF).

Money Laundering Crackdown in The Bahamas

• Since 2015, the Royal Bahamas Police Force has charged 80 individuals for money laundering (Bethel).
• The police force secured 70 prosecutions and 40 convictions.

Documenting Progress: A Comprehensive Database

• The Bahamas has developed an excel tracking database to document its progress in AML/CFT and proliferation financing (PF) investigations, convictions, and confiscations.
• The focus on these cases has driven recent successes.

FATF Monitoring List: Identified Deficiencies

• The 2017 CFATF Mutual Evaluation Report unveiled over half of the 40 technical standards related to AML/CFT were not complied with in The Bahamas.
• The country was rated ’non-compliant’ on a single standard.

Addressing Gaps: Strengthening Anti-Financial Crime Framework

• The Bahamas has held three meetings with the ICRG Joint Group of The Americas (Bethel).
• An ICRG report is anticipated in October 2019.
• Twelve Bahamian government and private agencies collaborated on enhancing the country’s anti-financial crime framework.

Regaining Reputation: Importance of Compliance

• Bethel emphasizes the importance of regaining The Bahamas’ reputation as a reputable and compliant AML/CFT/CFP jurisdiction.

Next Steps: The Bahamas’ Quest for International Recognition

• The Bahamas continues making strides to enhance its stance against financial crimes and secure international recognition for its advancements.