Monday, September 28, 2020

Bahamas strengthens legal framework in fight against financial crime


Christopher Copper-Ind
International Investment

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.  Read more >>