Friday, May 22, 2020

The Bahamas cannot let its guard down when it comes to money laundering

Attorney General and Minister of Legal Affairs Senator the Hon. Carl Bethel speaking at the Ministry of Financial Services, Trade and Industry and Immigration’s Virtual Symposium at the Office of The Prime Minister, Wednesday, May 20, 2020. (BIS Photo/Yontalay Bowe)

By Llonella Gilbert

Nassau, Bahamas - Attorney General and Minister of Legal Affairs Senator the Hon. Carl Bethel explained that The Bahamas cannot afford to let its guard down again when it comes to ensuring that it has laws in place that strengthen the regulatory and supervisory framework to govern financial services to avoid making country seem weak when it comes to countering money laundering and other financial crimes.

“If we wish to remain relevant and effective, we must strive every day to stay abreast of evolving standards and expectations. It is an easy thing to slip, take the easy road and end up being listed,” the AG said during the Ministry of Financial Services, Trade and Industry and Immigration’s Virtual Symposium at the Office of The Prime Minister, Wednesday, May 20, 2020.

He noted that experience shows that it is easy to be listed by different money laundering and terrorist financing watchdog agencies such as the Financial Action Task Force (FATF), but a far more difficult thing to repair the damage.  Read more >>