Wednesday, October 31, 2018

Bahamas placed on UK’s money laundering watchlist

By Pedro Gonçalves

The UK has added the Bahamas to its money laundering watchlist, with the HM Treasury now requiring firms to put special procedures in place when dealing with Bahamian resident entities and clients.

The British government’s decision follows the recommendations of the international Financial Action Task Force. FATF rated the Bahamas’ money laundering regime as having “strategic deficiencies” that pose a risk to the international financial system.

Although the Bahamas has made a high-level political commitment to address these problems, it has not done so yet, the Paris-based body argued.  Read more >>