Financial Crime World

Bahamas Makes Significant Strides in Fight Against Financial Crime: Update on National Identified Risk Framework

The Bahamas has made significant progress in strengthening its anti-money laundering (AML) and combating the financing of terrorism (CFT) framework. According to a recent update, the country’s National Identified Risk Framework Coordinator and the Identified Risk Framework Steering Committee have worked tirelessly to address concerns raised by the Financial Action Task Force (FATF).

Key Developments

Completed AML/CFT Assessments

  • The Bahamas completed and approved its National AML/CFT Risk Assessment in 2017.
  • The country also developed and approved a National Identified Risk Framework Strategy in 2018.

Strengthened Legislative Framework

  • The government has enacted a compendium of financial sector legislation, including:
    • Proceeds of Crime Act
    • Financial Transactions Reporting Act
    • Anti-Terrorism Act
    • Register of Beneficial Ownership Register Act

Enhanced Regulatory Regime

  • Revised AML/CFT/CFP guidelines have been issued to financial and non-financial sector service providers.
  • Risk-based supervisory frameworks have been developed for:
    • Credit unions
    • Money transmission service providers
    • Securities industry licensees
    • Gaming houses
    • Designated non-financial businesses and professions

Strengthened Law Enforcement Capabilities

  • A refocus on investigating all types of money laundering, including those with foreign predicates.
  • Codified and issued the National Confiscation Policy in 2019 to empower law enforcement agencies.

Improved International Cooperation

  • Enhanced case management capabilities for international cooperation.
  • Overhauled Information Technology infrastructure of the Financial Intelligence Unit.

Training and Capacity Building

  • Increased focus on training regulatory, legal, and enforcement personnel.

Government Support

The work of the National Identified Risk Framework Coordinator and the Identified Risk Framework Steering Committee is fully supported at the highest policy levels of the Government of The Bahamas. The country has strengthened its AML/CFT/CFP framework and addressed FATF’s Action Plan, and is fully committed to maintaining the highest AML/CFT/CFP standards in the global fight against financial crime.

Leadership

The Honorable Carl W. Bethel, Attorney General, is poised to assume the Chairmanship of CFATF in November 2020, a strategic posting that comes at a time when CFATF membership is facing competitive and political pressures from EU, international agencies, and organizations.