The Bahamas has said it has strengthened its anti-money laundering measures, and addressed the Financial Action Task Force's (FATF) ‘Action Plan', as part of a wide range of reforms designed to meet regulator concerns at countering financial crime.
In a statement released on Friday the Caribbean jurisdiction said that it was fully committed to maintaining "a high level of readiness in addressing regulatory and best practice challenges."
The Central Bank of The Bahamas established an anti-money laundering Analytical Unit in 2018, and the Securities Commission of The Bahamas and the Insurance Commission of The Bahamas also established AML Analytical Units to ensure compliance, according to the statement.
In short, we expect a favourable outcome from such an onsite examination (on-site or virtual) if given the opportunity to accommodate such a review."
The FATF and the Caribbean FATF have been unable to carry out their scheduled onsite reviews, due to the covid-19 outbreak. Yet the Bahamas authorities say they believe "the work as been done" to ensure the jurisdiction be lifted from the FATF's grey list.
In May the Bahamas was warned that it would be placed on the European Union's AML Blacklist as a result of the country's listing on the FATF Grey-List.
In Friday's statement the Bahamas said it expects the new measures to result it its being de-listed, saying, "We remain ready to accommodate an FATF onsite or virtual review. The work has been done as evidenced from the FATF's February 2020 published Compliance Document and it is our strong belief that The Bahamas has materially addressed all agreed FATF ‘Action Plan' items and anticipate being released from the FATF ‘Grey List'. In short, we expect a favourable outcome from such an onsite examination (on-site or virtual) if given the opportunity to accommodate such a review."
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