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Money Laundering in Bahamas: Country Takes Significant Steps to Strengthen Anti-Money Laundering Framework

The Bahamas has made significant progress in strengthening its framework against money laundering and terrorist financing, according to a recent assessment by the Caribbean Financial Action Task Force (CFATF).

Enhanced Monitoring

As an Associate member of the CFATF, The Bahamas has been under enhanced monitoring since the adoption of its Mutual Evaluation Report. In line with the CFATF Procedures for the Fourth Round of Mutual AML/ CFT Evaluations, the country has reported back to the CFATF on the actions it has taken since its mutual evaluation and its 3rd Enhanced Follow-up Report.

Upgrades in Compliance

As a result, the CFATF has re-rated The Bahamas in relation to several recommendations. Specifically:

• Recommendations 6, 7, 24, and 33 have been upgraded from Partially Compliant to Largely Compliant
• Recommendations 19, 22, 26, 27, and 28 have been upgraded from Partially Compliant to Compliant

Overall Progress

Today, The Bahamas is Compliant with 18 of the 40 FATF recommendations and Largely Compliant on 20 others. This marks a significant improvement in the country’s efforts to combat money laundering and terrorist financing.

This progress demonstrates The Bahamas’ commitment to strengthening its anti-money laundering framework and adhering to international standards.