Bahamas’ Commitment to Risk Management and AML/CTF Guidelines Continues

The Bahamas has made significant strides in implementing risk management and anti-money laundering (AML) / counter terrorism financing (CTF) guidelines, strengthening its financial regulatory framework.

Regulatory Milestones

Since 1965, The Bahamas has regulated banks and trust companies. Key milestones include:

1971: Regulation of insurance companies
1987: Criminalization of proceeds of drug trafficking
1989: Signing of the UN Convention against illicit traffic in drugs
1990: Mutual Legal Assistance Treaty (MLAT) with the United States, UK, and Canada
1995: Regulation of securities market and membership in IOSCO and COSRA

AML/CTF Guidelines

The Bahamas has made significant progress in implementing AML/CTF guidelines:

1996: Criminalization of money laundering via a comprehensive law
2001: Elimination of bearer shares
2002: Tax Information Exchange Agreement with the United States
2004: Anti-Terrorism Act, reinforcing commitment to combating terrorism financing

OECD Commitment

In March 2009, the Prime Minister of The Bahamas reaffirmed the country’s commitment to AML/CTF guidelines and broader application of OECD standards of transparency.

International Partnerships

The Bahamas has established partnerships with:

UN
Commonwealth
OAS
CARICOM
EU (Economic Partnership Agreement)
Progressing accession to WTO

Conclusion

The Bahamas’ commitment to risk management and AML/CTF guidelines is evident in its efforts to implement international standards, ensuring a competitive player in the global financial services industry.

About BFSB

The Bahamas Financial Services Board (BFSB) is the primary regulator of the financial sector in The Bahamas. Its mission is to promote a stable and efficient financial system by regulating and supervising financial institutions and markets.