The Bahamas Takes A Step Closer To Compliance With All 40 FATF Recommendations

• Published date: 08 April 2022
• Law Firm: Bahamas Financial Services Board
• Author: Bahamas Financial Services Board

April 7, 2022, Nassau Bahamas, Today, The Bahamas is compliant or largely compliant in 38 of the 40 FATF Recommendations. As part of its continuing modernization of the country's international regulatory obligations, the Bahamas Attorney General and Minister of Legal Affairs, Senator The Honourable Ryan Pinder, introduced amendments to underlying pieces of legislation to ensure compliance with FATF standards to promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and the financing of proliferation, and other related threats to the integrity of the international financial system.

Attorney General Pinder noted during parliamentary debate on the amendments that all of the underlying pieces of legislation were passed to ensure compliance with the anti-money laundering and counter terrorist financing obligations of the Financial Action Task Force (FATF). The most recent changes were made to The Anti-Terrorism Act, 2018, The Proceeds Of Crime Act, 2018 and The Register...