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The Bahamas Strengthens Anti-Terrorist Financing Framework

Nassau, Bahamas Takes Significant Reforms to Combat Illicit Financial Activities

In response to its assessment on measures against money laundering and terrorist financing, The Bahamas has implemented significant reforms to bolster its framework in combating illicit financial activities.

A Response to Intensified Monitoring by the Caribbean Financial Action Task Force (CFATF)

As a member of the CFATF, an associate of the global anti-money laundering watchdog Financial Action Task Force (FATF), The Bahamas has been under intensified monitoring since the release of its Mutual Evaluation Report. In line with CFATF procedures, the country has submitted follow-up reports detailing its progress in addressing outstanding recommendations.

Progress and Upgrades to AML/CFT Standards

As a result of these efforts, the CFATF has upgraded The Bahamas’ rating on key anti-money laundering and counter-terrorist financing (AML/CFT) standards. Specifically, the country has moved from “Partially Compliant” to “Compliant” on Recommendations 8 and 15.

Ongoing Efforts to Address Outstanding Recommendations

While still facing 40 recommendations rated C or LC, The Bahamas will continue under enhanced follow-up measures to ensure continued progress in its AML/CFT efforts.