Bahamas Praised Over AML, Counter-Terrorism Regime Progress

Editorial Staff 22 December 2020

Bahamas Praised Over AML, Counter-Terrorism Regime Progress

The FATF said the jurisdiction has made progress with its regime for combatting money laundering and terrorism finance.

The global inter-governmental group set up to stamp out money laundering has praised The Bahamas for the “significant progress” it has made in improving its regime. As a result, the Financial Action Task Force has removed the offshore centre from a list of countries that need increased monitoring.

“The Bahamas has strengthened the effectiveness of its AML/CFT [combatting the finance of terrorism] system and addressed related technical deficiencies to meet the commitments in its action plan and remedy the strategic deficiencies identified by the FATF in October 2018,” FATF said in a statement late last week. “The FATF now de-lists The Bahamas from the list of jurisdictions under Increased monitoring.”

The FATF has listed a number of jurisdictions which it says have “strategic deficiencies” in terms of fighting money laundering and terrorist financing: Albania, Barbados, Botswana, Cambodia, Ghana, Jamaica, Mauritius, Myanmar, Nicaragua, Pakistan, Panama, Syria, Uganda, Yemen and Zimbabwe. Countries no longer being monitored are Iceland and Mongolia.

Earlier this year the European Union removed the international financial centre from a so-called "grey list" list of jurisdictions not deemed fully co-operative on tax matters.

Register for WealthBriefing today

Gain access to regular and exclusive research on the global wealth management sector along with the opportunity to attend industry events such as exclusive invites to Breakfast Briefings and Summits in the major wealth management centres and industry leading awards programmes