The Bahamas Takes Significant Steps in Combating Money Laundering and Terrorist Financing

A New Era of Progress in The Bahamas

In a major development, The Bahamas has made significant strides in strengthening its framework for combating money laundering and the financing of terrorism and proliferation. Since being assessed by the international community, the country has demonstrated considerable progress in addressing concerns related to these issues.

Enhanced Monitoring and Follow-up Reports

As an associate member of the Caribbean Financial Action Task Force (CFATF), The Bahamas was placed under enhanced monitoring following the adoption of its Mutual Evaluation Report. However, in a recent update, the country has reported back to CFATF on the actions it has taken since the evaluation and submitted its 3rd Enhanced Follow-up Report.

Progress and Re-rating by CFATF

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

• Moved from Partially Compliant to Largely Compliant with regards to Recommendations 6, 7, 24, and 33.
• Transitioned from Partially Compliant to Compliant on Recommendations 19, 22, 26, 27, and 28.

Improved Compliance Record

Today, The Bahamas boasts an impressive compliance record, with:

• 18 recommendations deemed fully compliant: Demonstrating the country’s commitment to addressing money laundering and terrorist financing concerns.
• 20 recommendations considered largely compliant: Further highlighting The Bahamas’ dedication to strengthening its framework against these issues.